Reports Q3 revenue $122.1M vs. $100.6M last year. "Building on the strong momentum from the first two quarters, our global Thermon team delivered another quarter of excellent performance with robust profitability, including revenue growth of 21% and adjusted EBITDA growth of 45%," said Bruce Thames, President and CEO. "Our operational excellence program and price realization, in addition to higher volume and favorable mix, enabled us to grow profit margins year over year. Western Hemisphere customer demand remained strong during the third quarter and was the main growth driver, while Europe continues to be challenged by geopolitical events and higher energy costs. Record orders of $126 million in the quarter grew 40%, bringing our trailing twelve-month total to over $437 million, an all-time high. We are also seeing strong traction in the adoption of Genesis, our networked industrial IoT solution, which provides our customers with enhanced operational awareness of heat trace systems, streamlined maintenance, and reduced total installed costs. We continue to execute our long-term strategy, which includes the sizable and accelerating opportunity around decarbonization and the energy transition, while allocating investment towards our strategic initiatives and managing controllable spending."
Published first on TheFly
