Q4 2024 Thermon Group Holdings Inc Earnings Call Transcript
Key Points
- Thermon Group Holdings Inc (THR) achieved record revenue, adjusted EBITDA, and EPS in fiscal 2024.
- The company saw significant growth in diversified end markets, with 68% of revenue now coming from non-oil and gas sectors.
- Thermon's acquisition of Vapor Power has diversified its market exposure and increased opportunities in decarbonization and electrification.
- The company received the award for Canada's Safest Manufacturing Employer of the Year in 2023.
- Thermon's strong cash flow enabled a $50 million share repurchase authorization, reflecting confidence in long-term growth.
- Orders decreased by 12% year-over-year in Q4 due to delays in large CapEx spending.
- Organic sales decreased by 5% in Q4, primarily due to a decline in large CapEx projects and weaker economic conditions in Canada.
- Adjusted EBITDA margin decreased to 18.5% in Q4, impacted by product mix and higher planned spending.
- The company implemented a reduction in force in Q1 of fiscal 2025, resulting in restructuring charges.
- Thermon faces near-term macroeconomic uncertainty, which could impact future growth and profitability.
Good morning and welcome to the Thermon Group Holdings fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to Ivonne Salem, Vice President, FP&A and Investor Relations. Thank you. You may begin.
Thank you, dear. Good morning and thank you for joining today's fiscal 2024 fourth quarter conference call. Earlier this morning, we issued an earnings press release, which has been filed with the SEC on Form 8-K, and is also available on the Investor Relations section of our website.
Additionally, the slides for this conference call can be found in our IR website under News and Events, IR calendar earnings conference call Q4 2024. During the call, we will discuss some items that do not conform to generally accepted accounting principles. We have reconciled those items to the most comparable GAAP measures in the tables at the end of the earnings press release.
These non
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