Gentherm (NASDAQ:THRM) has reported its first-quarter financial results for 2024, showing significant achievements and growth. The company achieved an 86% year-over-year growth in net income and secured $530 million in automotive new business awards. The product revenues for the first quarter of 2024 amounted to $356.0 million, a decrease of 2.1% from the same period in 2023. Excluding the impact of foreign currency translation, product revenues decreased by 1.3% year over year.
Automotive revenues decreased by 2.3% year over year, with a 1.5% decrease excluding the impact of foreign currency translation. However, the company was able to secure automotive new business awards totaling $530 million in the quarter. Notably, the company won a high-end lumbar and massage award from General Motors for their next-generation truck platform, including Chevrolet Silverado and GMC Sierra.
Gentherm's gross margin rate increased to 24.9% in the first quarter of 2024, compared to 22.3% in the prior-year period, driven by fit-for-growth 2.0 initiatives including supplier cost reductions, value engineering activities, and net productivity at the factories.
The company's adjusted diluted earnings per share for the first quarter of 2024 was $0.62, compared to $0.49 in the prior-year period. Additionally, Gentherm reaffirms its full-year 2024 guidance, with product revenues expected to range between $1.5 billion and $1.6 billion.
Gentherm is a global market leader in innovative thermal management and pneumatic comfort technologies for the automotive industry, and a leader in medical patient temperature management systems. With more than 14,000 employees in facilities across various countries, the company continues to demonstrate its commitment to driving revenue growth and margin expansion in 2024. Today the company's shares have moved 5.8% to a price of $53.29. Check out the company's full 8-K submission here.
