GENTHERM Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
THRM$29.78-2.0%Stored close · as of Nov 10, 2026
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Consolidated Statements of Income
(In thousands, except per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Product revenues | $1,469,076 | $1,204,656 | $1,046,150 |
| Cost of sales | 1,117,452 | 931,006 | 742,519 |
| Gross margin | 351,624 | 273,650 | 303,631 |
| Operating expenses: | |||
| Net research and development expenses | 94,358 | 85,722 | 75,214 |
| Selling, general and administrative expenses | 155,579 | 132,693 | 109,554 |
| Impairment of goodwill | 19,509 | — | — |
| Restructuring expenses | 4,739 | 637 | 3,857 |
| Impairment of intangible assets and property and equipment | — | 6,291 | — |
| Total operating expenses | 274,185 | 225,343 | 188,625 |
| Operating income | 77,439 | 48,307 | 115,006 |
| Interest expense, net | (14,641) | (4,294) | (2,758) |
| Foreign currency (loss) gain | (5,918) | (6,778) | 1,487 |
| Other (loss) income | (1,926) | 1,147 | 117 |
| Earnings before income tax | 54,954 | 38,382 | 113,852 |
| Income tax expense | 14,611 | 13,941 | 20,418 |
| Net income | $40,343 | $24,441 | $93,434 |
| Basic earnings per share | $1.23 | $0.74 | $2.82 |
| Diluted earnings per share | $1.22 | $0.73 | $2.79 |
| Weighted average number of shares – basic | 32,778 | 33,126 | 33,086 |
| Weighted average number of shares – diluted | 33,067 | 33,503 | 33,510 |
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