Gentherm Q2 2024: Record revenue $376M, EPS $0.60 vs loss, $660M new awards

Gentherm Inc

2024-Q2 EPS reported $1.06 revenue$731,698,000

Product revenue $375.7M (+0.9% YoY); GAAP diluted EPS $0.60 vs ($0.05); adjusted EPS $0.66 vs $0.58.
Adjusted EBITDA $49.9M (+17.7% YoY); gross margin improved to 25.7% from 23.6% in prior year.
Auto new business awards $660M in Q2, $1.2B YTD; includes first proprietary Puls.A massage solution award.
Automotive revenues outperformed key market light vehicle production by 500 bps; Medical revenue up 8.3% YoY.
Fit-for-Growth 2.0 driving cost reductions; new plant start-up costs in Morocco and Mexico partially offset gains.

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