Gentherm Profit Halved In Q4 - Quick Facts

(RTTNews.com) - Gentherm ( THRM ) Wednesday reported a sharp decline in profit for the fourth quarter, hurt mainly by heft one-time charges and foreign exchange losses. Looking ahead, the company is also expecting strong revenue growth for 2013, despite weak European market.

Net income attributable to the company declined to $3.75 million from $8.35 million in the same period last year.

Net income attributable to common shareholders dropped to $2.56 million or $0.09 per share from $5.86 million or $0.24 per share last year.

Fourth-quarter results include a loss of $1.24 million relating to revaluation of derivatives. Meanwhile, prior-year quarter included foreign exchange gain of $5.80 million.

Adjusted earnings for the quarter was $0.17 per share. On average, four analysts polled by Thomson Reuters expected the company to earn $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Product revenues totaled $148.24 million, up from $131.02 million last year. Analysts expected revenues of $144.43 million.

Looking ahead to fiscal year 2013, Gentherm expects revenue growth in the order of 8 percent to 10 percent.

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