NOVI, Mich. — Gentherm, the Novi auto supplier best known for heated and cooled car seats, swung to a third-quarter loss even as sales climbed, the company reported Thursday.
The company lost $2.6 million, or 8 cents a share, in the three months that ended Sept. 30. A year earlier it earned $14.9 million. Stripping out one-time items, it earned 33 cents a share, below the 66 cents analysts had been looking for.
Sales came in at $405.1 million, a 4.7% gain from $386.9 million, and slightly ahead of forecasts. Gross margin slipped to 23.3% from 24.6%, which the company tied mostly to currency swings, costlier materials and inflation.
The quarter is the last before Gentherm folded in Modine’s Performance Technologies business, a deal that closed Oct. 1. Since then, the company has spent $60 million buying back its own stock.
Gentherm also booked $555 million in new automotive business during the quarter and now expects full-year revenue between $1.83 billion and $1.93 billion.
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