Gentherm Q4 Profit Increases - Quick Facts

(RTTNews) - Gentherm Inc. (THRM) said that its fourth quarter of 2013 net income attributable to common shareholders significantly increased to $11.0 million or $0.31 per share, from $2.6 million or $0.09 per share in the fourth quarter of 2012.

Revenues for the 2013 fourth quarter increased 23 percent to $182.3 million from $148.2 million in the prior year's fourth quarter.

Foreign currency translation of the Company's Euro denominated revenue for the 2013 fourth quarter, which was approximately 35.8 million euros compared with 31.2 million euros during the prior year period, benefited revenue results by approximately $2.1 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share and revenues of $168.40 million for the quarter. Analysts' estimates typically exclude special items.

"During the fourth quarter, revenues came in higher than we expected due to strong automotive volumes, especially in Asia. In addition, we improved our gross margin for the year which returned to the levels we expect, delivered record profits, expanded our customer base and increased our global product offerings," said President and CEO Daniel Coker.

Barring unforeseen economic turbulence, including worsening of the European market or unfavorable fluctuations of the Euro exchange rate, the 2014 revenue growth outlook remains strong. The company expects revenue for 2014 to increase 10 to 15 percent over 2013 revenue, which was $662 million. Three analysts estimate revenues of $716.33 million for fiscal 2014.