Q3 2024 Gentherm Inc Earnings Call Transcript
Key Points
- Gentherm Inc (THRM) secured $1.8 billion in automotive new business awards year-to-date, with a win rate exceeding 80%, indicating strong market demand and customer trust.
- The company achieved record quarterly revenue for lumbar massage solutions, with a 46% increase compared to the same period last year, showcasing strong growth in this segment.
- Gentherm Inc (THRM) launched its ClimateSense software solution on a vehicle for the first time, highlighting its commitment to innovation and new product introductions.
- The company reported a third-quarter record of $600 million in automotive new business awards, demonstrating robust demand for its products.
- Gentherm Inc (THRM) achieved a year-to-date adjusted EBITDA margin expansion of nearly 100 basis points, reflecting improved financial performance and operational efficiency.
- Gentherm Inc (THRM) lowered its full-year revenue guidance due to deteriorating light vehicle production in key markets and supply chain inventory adjustments.
- The company experienced lower-than-expected third-quarter revenue, driven by steeper declines in September and continued into October.
- Gentherm Inc (THRM) faced headwinds from the start-up costs of new plants in Mexico and Morocco, impacting short-term financial performance.
- The production environment remains challenging to forecast, with continued deterioration in Asia, particularly in China and Korea, affecting revenue.
- The company is experiencing delays in several EV programs, which are being pushed out longer than originally expected, impacting near-term revenue growth.
Greetings and welcome to Gentherm's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Greg Blanchett, Senior Director, Investor Relations. Thank you, Mr Blanchette. You may begin.
Thank you. Good morning, everyone and thanks for joining us today. Gentherm's earnings results were released earlier this morning, and a copy of the release is available at gentherm.com. Additionally, a webcast replay of today's call will be available later today on the investor relations section of Gentherm's website.
During this call. We will make forward-looking statements within the meaning of federal securities laws. These statements reflect our current views with respect to future events and financial performance and actual results may differ materially. We undertake no obligation to update them except as required by law.
Please see Gentherm's earnings release and its SEC
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