Gentherm, Inc. (NASDAQ:THRM) Q3 2022 Earnings Conference Call November 2, 2022 8:00 AM ET
Company Participants
Yijing Brentano - SVP, Strategy, Corporate Development & IR
Phillip Eyler - President, CEO & Director
Matteo Anversa - EVP, Finance, CFO & Treasurer
Conference Call Participants
Matthew Koranda - ROTH Capital
Luke Junk - Baird
Glenn Chin - Seaport Research Partners
Ryan Sigdahl - Craig-Hallum Capital Group
Operator
Good morning and welcome to Gentherm Inc. 2022 Third Quarter Results Conference Call. [Operator Instructions]. Please note this event is being recorded.
I would now like to turn the conference over to Yijing Brentano. Please go ahead.
Yijing Brentano
Thank you, and good morning, everyone, and thanks for joining us today. Gentherm’s earnings results were released earlier this morning, and a copy of the release is available at gentherm.com. Additionally, a webcast replay of today’s call will be available later today on the Investor Relations section of Gentherm’s website.
During this call, we may make forward-looking statements within the meaning of federal securities laws. Statements reflect our current views with respect to future events and financial performance, and actual results may differ materially. We undertake no obligation to update them, except as required by law. Please see Gentherm’s earnings release and its SEC filings, including the latest 10-K and subsequent reports for discussions of our risk factors and other risks and uncertainties underlying such forward-looking statements.
During the call, we may discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release or investor presentation.
On the call with me today are Phil Eyler, President and Chief Executive Officer; and Matteo Anversa, Chief Financial Officer. During their comments, Phil and Matteo will be referring to a presentation deck that we have made available on our website at gentherm.com/events. After their prepared remarks, we will be pleased to take your questions.
Now I’d like to turn the call over to Phil.
Phillip Eyler
Thank you, Yijing. Good morning everyone and thank you for joining us today. I’m pleased with the solid performance of the third quarter, during which we achieved the highest quarterly revenue in company history on an organic basis. In addition, during the quarter we closed the acquisitions of Alfmeier and Dacheng Medical, which expanded Gentherm value proposition in both automotive and medical.
With the addition of Alfmeier and Dacheng , we grew 37% year-over-year or 44%, excluding the impact of foreign currency translation. Adjusting for foreign currency translation and the Alfmeier acquisition, automotive revenues increased 29% year-over-year in the third quarter, outperforming actual light vehicle production in our key markets by nearly 300 basis points. The integration of the two acquired businesses is well underway.