Shares of Gentherm Inc (NASDAQ:THRM) ended Friday session in green amid volatile trading. The shares closed up +0.05 points or 0.17% at $28.90 with 197,972.00 shares getting traded. Post opening the session at $28.60, the shares hit an intraday low of $28.25 and an intraday high of $29.00 and the price vacillated in this range throughout the day. The company has a market cap of $1.05 billion and the numbers of outstanding shares have been calculated to be 36.48 million shares.
Gentherm Inc (THRM) announced its financial results for the second quarter ended June 30, 2016.
Revenues for the 2016 second quarter and first six months increased 9.0 percent and 6.7 percent, respectively, to $232.7 million and $448.4 million from $213.4 million and $420.4 million for the comparable prior year periods.
“Our overall topline growth of 9 percent included promising strength in several of our businesses and product lines, including our new Cincinnati Sub Zero (CSZ) subsidiary, our heated seats, heated and ventilated seats and heated steering wheel product lines, and our Electronics Business Unit which is part of our new Gentherm Technologies division,” said President and CEO Daniel R. Coker. “Our strategy to expand into new and high-potential vertical markets is driving our investment in additional resources and related higher operating expenses to support these new markets and products. This investment is also creating important new growth drivers and revenue streams, all of which bode well for our future. We are a much larger, stronger and more diversified thermal technology company than ever before.”
Shares of Fabrinet (NYSE:FN) ended Friday session in green amid volatile trading. The shares closed up +0.22 points or 0.51% at $42.94 with 188,703.00 shares getting traded. Post opening the session at $42.39, the shares hit an intraday low of $42.09 and an intraday high of $42.97 and the price vacillated in this range throughout the day. The company has a market cap of $1.55 billion and the numbers of outstanding shares have been calculated to be 36.20 million shares.
Fabrinet (FN) announced its entry into the European EMS market through the acquisition of Exception Global CEM Solutions Ltd. (Exception EMS), located in Wiltshire, United Kingdom, which was completed.
Exception EMS, founded in 2005, provides contract electronics manufacturing services to the global electronics industry with innovative solutions, adding value to the design, manufacture and testing of printed circuit board assemblies. Its customers include industrial, energy, aerospace and defense companies, with approximately 80% of its revenue derived from customers in Europe.
“Fabrinet has enjoyed exceptional growth over the past several years, primarily with customers in the U.S. and Japan, and there are tremendous opportunities for growing our business in Europe,” noted Tom Mitchell, Chairman and CEO of Fabrinet. “With this acquisition, we are establishing a strong foothold in Europe, which will allow us to grow our business with European customers, and give them access to our advanced low-cost manufacturing services in Thailand, particularly in our new facility in Chonburi that is coming on-line and ramping in the next several months.”