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Thermon Group Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in sales to $114,648,000 from $123,659,000 in the same quarter the previous year. The decrease is attributed to a reduction in over time revenue, particularly from large projects.
Cost of sales for the quarter was $63,736,000, compared to $69,201,000 in the same quarter of the previous year. Gross profit was $50,912,000, down from $54,458,000 in the previous year.
Operating expenses increased to $31,259,000 from $30,490,000, primarily driven by expenses from the Vapor Power Acquisition.
Net income for the quarter was $9,494,000, down from $14,730,000 in the previous year. The decrease is attributed to higher interest expenses and restructuring charges.
Cash provided by operating activities was $21,221,000, while cash used in investing and financing activities was $5,749,000 and $13,659,000, respectively.
Thermon had a working capital of $176,750,000 as of September 30, 2024. The company continues to focus on strategic acquisitions and cost-cutting measures.
The filing also details a recent acquisition of Fabbrica Apparecchiature Termoelettriche Industriali S.r.L. (F.A.T.I.) to expand its product portfolio and geographical reach.
Thermon does not anticipate any material changes to its financial covenants or liquidity position in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Thermon Group Holdings Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.