Gentherm Q2 Swings To Profit In Q2

(RTTNews) - Thermal management and pneumatic comfort technologies provider for the automotive industry Gentherm Inc. (THRM) Wednesday announced profit for the second quarter compared to loss last year, that included an impairment of good will.

The quarterly profit was $18.876 million or $0.60 per share, compared to loss of $1.55 million or $0.05 per share last year. On an adjusted basis, earnings were $0.66 per share. The company had recorded impairment of goodwill of $19.509 million in the previous year.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.61 per share. Analysts estimates usually exclude special items.

Product revenue increased to $375.68 million, up from $372.323 million a year ago. Excluding the impact of foreign currency translation, product revenues increased 2 percent year over year. Analysts were looking for revenue of $374.15 million.