Gentherm's Q3 revenue grows 4% y/y to USD232.6 million

Company expects full-year revenue to grow in the range of 7 to 8%

Gentherm reported a 4% year-over-year (y/y) increase in revenue to USD232.6 million for the third quarter ended 30 September 2016, the US-based thermal management supplier said in a press release on 27 October. Despite higher sales, Gentherm witnessed a 27.4% y/y decline in operating income to USD27.4 million as the company reported a sharp increase in net research and development (R&D) expenditure and selling, general and administrative (SG&A) expenses. Gentherm also recorded 23.2% y/y drop in net income to USD20.2 million due to foreign currency loss during the quarter compared to gain reported a year earlier.