Gentherm Q2 Profit Surges - Quick Facts

(RTTNews) - Gentherm Inc. (THRM) Friday posted higher earnings for the second quarter, boosted by 28 percent year-on-year growth in sales.

Net income attributable to common shareholders climbed to $16.4 million, or $0.46 per share from $5.0 million or $0.15 per share last year. The previous year's quarterly earnings included $422 thousand in fees, legal and other expenses associated with the acquisition of additional W.E.T. shares, which was absent this quarter.

On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share. Analysts' estimates typically exclude special items.

Driven by continued strong shipments of the company's CCS systems and $8.2 million in revenue from Global Thermoelectric Inc., total revenues rose by 28 percent to $206.2 million from $160.5 million in the prior year period. Analysts estimated revenue of $190.52 million.

Looking ahead, the group now expects revenue for 2014 to increase by at least 20 percent over 2013 revenue, which was $662.0 million.