Thermon Q1 revenue $95.4M (+34%), net income $6.6M; raises FY2023 guidance

Thermon Group Holdings, Inc.

2023-Q1 EPS reported $0.20 revenue$95,442,000

Record Q1 revenue $95.4M up 34% YoY; net income $6.6M vs loss $(0.3)M.
Adjusted EBITDA $16.6M (+106% YoY); adjusted EPS $0.25 vs $0.04.
Backlog $165M (+43%); orders $103.3M (+43%); book-to-bill 1.16x ex large contract.
FY2023 guidance raised: revenue $380-$405M, GAAP EPS $0.85-$0.97, adj EPS $1.07-$1.19.
Completed Powerblanket acquisition (undisclosed); net debt $110.8M, leverage 1.7x.

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