NORTHVILLE — Gentherm Inc. (Nasdaq: THRM), the developer of thermal management technologies, reported rising sales and net income in the first quarter.
Revenue was $249.3 million, up from $215.7 million a year earlier. Net income was $25.4 million or 69 cents a share, up from $11.9 million or 33 cents a share a year earlier.
The company reported $102 million in climate controlled seat sales, up from $101.5 million a year earlier; $77.6 million in seat heater sales, up from $70.6 million a year earlier; $15 million in steering wheel heater sales, up from $11.6 million a year earlier; $21.7 million in automotive cable sales, up from $21.6 million a year earlier; and $7.5 million in remote power generation sales, up from $5.3 million a year earlier.
The company reported operating expenses of $50.3 million, up 31 percent from a year earlier. due mostly to $7 million in operating expenses of the newly acquired Cincinnati Sub Zero business. Research and development expenses were $19.5 million, up 24 percent from a year earlier.
The company said it continues to expect 2017 revenue growth of between 5 and 10 percent.
To listen to a replay of a conference call discussing these results, visit the Events page of the Investor section of www.gentherm.com.