SAN MARCOS, TX -- (Marketwire) -- 02/07/13 -- Thermon Group Holdings, Inc. (NYSE: THR) ("Thermon" or the "Company") today announced consolidated financial results for the third quarter ended December 31, 2012. The Company posted third quarter record revenue of $76.8 million and EPS of $0.24.
Highlights for the quarter and comparisons versus the prior year quarter include:
•Revenue of $76.8 million, growth of 11% •Gross profit of $35.0 million, growth of 4% •Record GAAP EPS of $0.24 on a fully diluted basis •Adjusted EBITDA of $18.9 million, growth of 1% •Backlog at Q3 was $107.1 million an increase of $4.9 million or 5% •Return on equity of 35% measured by annualized Q3 Adjusted EBITDA
"Thermon posted all time quarterly records for revenue, gross profit and GAAP earnings in Q3, thus closing out a strong calendar 2013. Due to significant Greenfield billings in the period our gross margin declined to 45.5% as a percentage of sales," said Rodney Bingham, President and Chief Executive Officer.
Q3 2013 revenue of $76.8 million reflects an increase of approximately 11% compared to revenue of $69.2 million in Q3 2012.
Gross margin was 45.5% of revenue in Q3 2013 versus 48.7% in Q3 2012. The decrease was due to strength in the Greenfield project business which represented 42% of total revenue in Q3 versus only 35% in the year ago period. In addition, Greenfield gross margin results were negatively impacted by product mix and specific project circumstances. Adjusted EBITDA excluding management fees was $18.9 million, an increase of 1% versus the $18.7 million generated in Q3 2012.
Q3 2013 net income of $7.7 million reflected an improvement of $0.8 million versus $6.9 million generated in Q3 2012. Excluding transaction expenses from the prior year period the Company reported Q3 2012 adjusted net income of $7.2 million and $0.23 per fully diluted common share, thus Q3 2013 performance reflects growth of $0.01 per diluted share, versus Q3 2012, or 4%.
On a year to date basis the Company generated record revenue of $212.0 million reflecting 5% growth versus revenue of $202.5 million in fiscal 2012. Foreign currency negatively impacted revenue by approximately $7.1 million year to date versus fiscal 2012, an impact of approximately 3%. US Dollar strength versus the Euro and Canadian Dollar were the primary causes at $4.7 and $1.4 million, respectively. Gross margin percentage of 47.6% year to date 2013 compared to 48.2% in fiscal 2012. Adjusted EBITDA excluding management fees was $56.8 million year to date, an increase of $3.6 million or 7% versus fiscal 2012.
Net income year to date was $21.3 million, a record $0.67 per share, versus net income of $5.8 million in fiscal 2012. After excluding transaction expenses, the Company generated year to date record adjusted net income of $23.2 million and $0.73 per fully diluted common share in fiscal 2013 versus fiscal 2012 adjusted net income of $19.2 million and $0.63 per fully diluted common share, growth of 16%. Foreign currency headwinds reduced year to date earnings by $0.02 per fully diluted share versus 2012.
Most Popular Stories
- NSA Defends Global Cellphone Tracking Legality
- Ad Counts Rise in 2013 for Hispanic Magazines
- Top Websites for U.S. Hispanics
- Networks Vie for U.S. Hispanic TV Viewers
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Apple Activates Customer-Tracking iBeacon
- Dell Offers Undisclosed Number of Employee Buyouts
- 2013 Tech Gift Guide: iPad Mini Still Hot; Chromecast a Great Low-Cost Option
- Authorities Close to Deal with JPMorgan Chase over Madoff Response
- A Biography of Jonathan Ive, Apple's Creative Chief