FX.co ★ Gentherm Q2 Swings To Profit In Q2

Gentherm Inc. (THRM), a leading provider of thermal management and pneumatic comfort technologies for the automotive industry, reported a profit for the second quarter, a significant turnaround from the loss reported in the same period last year, which included a goodwill impairment.

For the second quarter, Gentherm recorded a profit of $18.876 million, or $0.60 per share, compared to a loss of $1.55 million, or $0.05 per share, in the previous year. On an adjusted basis, the earnings per share were $0.66. The company had noted a goodwill impairment of $19.509 million in the prior year.

According to a consensus estimate from five analysts surveyed by Thomson Reuters, the company was expected to earn $0.61 per share. These analysts' estimates typically exclude special items.

Product revenue rose to $375.68 million, up from $372.323 million the previous year. Excluding the impact of foreign currency translation, product revenue experienced a 2 percent year-over-year increase. Analysts had anticipated revenue of $374.15 million.