NYSE$THR
Thermon Group Holdings Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Thermon reported record revenue, net income, and EPS growth with strategic capital deployment.
Thermon reported a strong Q3 2024 with a 12% increase in revenue to $136.4 million and an 88% increase in net income to $15.8 million. EPS increased by 86% to $0.46, and non-GAAP adjusted EPS increased by 13% to $0.59. The company closed the acquisition of Vapor Power and raised its full-year Fiscal 2024 revenue and EPS guidance.
- Record revenue of $136.4 million, a 12% increase year-over-year, driven by growth in US-LAM, Europe, and Asia Pacific.
- GAAP EPS increased by 86% to $0.46 and record non-GAAP adjusted EPS of $0.59, a 13% increase.
- Net income increased by 88% to $15.8 million, and Adjusted EBITDA increased by 3% to $30.7 million.
- Bookings were $124.4 million, a 1% contraction, with a book-to-bill ratio of 0.91x.
Headline financials
Revenue & EPS history
Thermon · Revenue · Quarterly
$136M
Forward guidance
Thermon is raising its full-year Fiscal 2024 revenue guidance to approximately $490 - $500 million and adjusting full-year Fiscal 2024 GAAP EPS guidance to approximately $1.42 - $1.50 per share, with Adjusted EPS of approximately $1.76 - $1.84 per share.
Tailwinds
- Full-year Fiscal 2024 revenue guidance raised to approximately $490 - $500 million.
- Full-year Fiscal 2024 GAAP EPS guidance adjusted to approximately $1.42 - $1.50 per share.
- Adjusted EPS guidance of approximately $1.76 - $1.84 per share.
- Strategic acquisition of Vapor Power accelerates diversification and decarbonization efforts.
- Team continued to perform well in the third quarter of the fiscal year as we executed the strategy presented at our investor day in November.
Headwinds
- Challenges in both mix and timing in the fourth quarter.
- Backlog, excluding the Vapor Power acquisition, was $158.8 million as of December 31, 2023, representing a $5.9 million decrease, or 4%, as compared to Q3 2023 backlog of $164.7 million.
- Orders in Q3 2024 were $124.4 million compared to $126.0 million in Q3 2023, a decrease of $1.6 million, or 1%.
- The net debt-to-Adjusted EBITDA ratio was 1.5x as compared to 1.1x in the prior year period, due to the financing of the Vapor Power acquisition
- Working capital increased by 23.7% to $190.3 million during Q3 2024.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2024
-0.3%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+2.7%
Avg return
30 days after
53%
34 / 64 earnings
Positive
+13.3%
Q2 2014
Best reaction
-24.9%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +3.1% | +3.6% | — | |
| Q3 2026 | +5.6% | +8.8% | -2.0% | |
| Q2 2026 | +11.2% | +22.2% | +33.0% | |
| Q1 2026 | -11.2% | -8.9% | -9.5% | |
| Q4 2025 | -0.5% | -6.9% | -7.2% | |
| Q3 2025 | -1.6% | +12.9% | +5.9% | |
| Q2 2025 | -3.4% | +0.1% | +8.6% | |
| Q1 2025 | -0.2% | -3.4% | -5.1% | |
| Q4 2024 | -0.1% | -7.7% | -11.8% | |
| Q3 2024 | -24.9% | -21.9% | -16.1% | |
| Q2 2024 | +11.2% | +14.7% | +13.1% | |
| Q1 2024 | -7.3% | -5.3% | -0.2% | |
| Q4 2023 | +1.2% | +0.3% | +11.2% | |
| Q3 2023 | +3.7% | +13.6% | +18.8% | |
| Q2 2023 | +3.2% | +8.4% | +17.8% | |
| Q1 2023 | +4.3% | +7.0% | +8.7% | |
| Q4 2022 | +2.5% | +1.5% | -5.4% | |
| Q3 2022 | +2.0% | +3.3% | -0.3% | |
| Q2 2022 | +0.8% | -1.2% | -9.3% | |
| Q1 2022 | +3.8% | +2.7% | -4.0% | |
| Q4 2021 | -10.7% | -9.0% | -6.6% | |
| Q3 2021 | +1.8% | +7.2% | +35.8% | |
| Q2 2021 | +5.7% | +25.4% | +55.5% | |
| Q1 2021 | -2.4% | +0.4% | -11.4% | |
| Q4 2020 | -11.2% | +5.1% | -11.5% | |
| Q3 2020 | -14.7% | -13.3% | -25.8% | |
| Q2 2020 | +8.5% | +7.5% | +4.5% | |
| Q1 2020 | -7.0% | -5.1% | -7.3% | |
| Q4 2019 | +5.9% | +7.6% | +15.3% | |
| Q3 2019 | +2.6% | +3.3% | +13.0% | |
| Q2 2019 | -0.4% | -4.9% | -3.4% | |
| Q1 2019 | +3.4% | -0.2% | +6.9% | |
| Q4 2018 | -8.7% | -4.8% | -3.0% | |
| Q3 2018 | +3.0% | +3.0% | +9.3% | |
| Q2 2018 | +4.4% | +3.4% | +2.7% | |
| Q1 2018 | -3.3% | -3.3% | -7.2% | |
| Q4 2017 | -13.2% | -13.5% | -10.1% | |
| Q3 2017 | -0.5% | +1.4% | -3.3% | |
| Q2 2017 | -0.5% | +2.0% | +6.2% | |
| Q1 2017 | -5.4% | -1.5% | -2.5% | |
| Q4 2016 | +10.7% | +9.5% | +4.5% | |
| Q3 2016 | -2.3% | — | — | |
| Q2 2016 | -7.7% | — | — | |
| Q1 2016 | -3.6% | — | — | |
| Q4 2015 | -1.9% | — | — | |
| Q3 2015 | +7.6% | — | — | |
| Q2 2015 | +10.7% | — | — | |
| Q1 2015 | +9.1% | — | — | |
| Q4 2014 | +1.0% | — | — | |
| Q3 2014 | -5.4% | — | — | |
| Q2 2014 | +13.3% | — | — | |
| Q1 2014 | +0.2% | — | — | |
| Q1 2011 | -0.9% | — | — | |
| Q4 2013 | -5.1% | — | — | |
| Q3 2013 | -6.3% | — | — | |
| Q2 2013 | -6.3% | — | — | |
| Q1 2013 | +1.6% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q3 2011 | +1.3% | — | — | |
| Q3 2012 | +1.3% | — | — | |
| Q2 2011 | +0.3% | — | — | |
| Q2 2012 | +0.3% | — | — | |
| Q4 2011 | +1.8% | — | — | |
| Q1 2012 | +1.8% | — | — | |
| Q4 2010 | — | — | — |
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