Thermon Group reports Q3 adjusted EPS 56c, consensus 55c

Reports Q3 revenue $134.4M, consensus $138.91M. “Thermon delivered growth in quarterly Adjusted EBITDA reflecting the benefits of our strategic decisions to prioritize diverse end markets and to focus on recurring revenue streams from customer spending on maintenance and repair,” stated Bruce Thames, CEO. “These strategic pursuits helped to all but offset the lower revenue contribution from our project-related business, and we are well positioned to benefit from these initiatives while customer CAPEX spending recovers. These revenue streams carry higher margins, and this more favorable revenue mix, when combined with the benefits of our productivity improvements, resulted in a third quarter Adjusted EBITDA margin of 23.7%, demonstrating the opportunity in our business as we progress towards our long-term profitability targets.The industry backdrop and momentum supporting continuing growth in spending related to electrification, on-shoring, decarbonization and select energy investments remain constructive, and is reflective in our current bookings and our record high backlog of $236 million as of December 31, 2024, which is up 48% from last year on a reported basis, and up 9% organically.”