Wed, May 29, 8:47 PM (145 days ago)
Thermon Group Holdings, Inc. reported a 12% increase in sales for the fiscal year ended March 31, 2024, totaling $494.6 million, driven by strong demand across all segments, especially in the US-LAM region. Gross profit rose by 14% to $211.6 million, with a slight improvement in gross margin to 42.8%. Selling, general, and administrative expenses increased by 6% to $123.8 million due to strategic investments and higher sales activity, but these expenses decreased as a percentage of sales. The company reported a net income of $51.6 million, a 53% increase, and an effective tax rate of 23.8%. Thermon's acquisition of Vapor Power International, LLC, contributed $10.9 million to revenue. The company also initiated a $50 million share repurchase program, with $49.8 million remaining authorized. Operating cash flow increased to $66.0 million, while capital expenditures were $11.0 million. The company maintained a strong liquidity position with $48.6 million in cash and equivalents and $92.7 million available under its revolving credit facility. The company expects to meet its liquidity needs for the foreseeable future, supported by cash flows from operations and available borrowings.