NORTHVILLE — The thermal management technology developer Gentherm Inc. (Nasdaq: THRM) reported net income of $28.4 million in the fourth quarter, up from $19.8 million in the same quarter a year earlier. Revenue for the quarter was $212.3 million, up from $205.2 million a yaer earlier.
For the full year, the Northville-based company reported net income of $95.4 million, up from $70.1 million in 2014. Revenue was $856.4 million, up 5.6 percent from $811.3 million in 2014.
President and CEO Daniel R. Coker said the company is continuing to perform well, genreating profitability growth. Excluding the impacts of the strong U.S. dollar, year-over-year growth in revenue in 2015 would have been 12 percent, Coker added.
“We had an excellent year in 2015, and we believe this solid performance will continue in
2016,” Gentherm president and CEO Daniel R. Coker said. “Revenues generated by our flagship climate control seat systems continued to grow, due in part to new vehicle launches like the newly designed Ford Mustang, which now offers CCS for the first time. Our global power technologies business, while still relatively small compared with our automotive business, also grew solidly in a difficult energy market by expanding internationally. … We established a new product category in 2015 with the introduction of our battery thermal management systems and strengthened our position in this high-growth market with two important contract wins. At the same time we are also making important investments in our future through new product development, including engineering advances in the next generation of seat comfort products, cooling storage devices, and medical thermal management devices, to name just a few.”
Higher volumes in 2015 were primarily driven by continued strong shipments of climate control seats, significant growth in heated steering wheel revenue and higher revenue from global power technologies, which posted 2015 revenue of $45.9 million, up from $24.3 million in 2014.
Profit in 2015 was helped by a one-time gain of $9.9 million on a currency related trade by Gentherm germany.
Cash on hand at year end was $144.5 million, up 69 percent from $85.7 million as of Dec. 31, 2014.
The company said its sales in Europe were negatively impacted by a stronger U.S.dollar, which was worth 1.09 euros in the fourth quarter of 2015, down from 1.25 euros in the fourth quarter of 2014. As a result, the company’s euro-dominated revenue, which rose 10 percent in euros, actually fell in U.S. dollar terms.
CCS revenue in the fourth quarter was $101.2 million, up 4 percent from $97.1 million a year earlier. Seat heater revenue fell 3 percent to $67 million from $69.1 million a year earlier.
The company said it expects revenue to rise about 10 percent in 2016.
To listen to a replay of a conference call discussing these results, visit the investor section of www.gentherm.com.
Gentherm employs more than 10,000 people at plants in the U.S., Gremany, Canada, China, Hungary, Japan, Korea, Macedonia, Malta, Mexico, Ukraine and Vietnam.