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Thermon Group Holdings, Inc. (THR), a leading global provider of industr ial process heating solutions, has released its condensed consolidated financial statements for the three months ended June 30, 2023. The company showcased a robust performance during this period, achieving a net income of $10.94 million. Alongside its impressive profitability, Thermon reported substantial growth in revenue, with sales reaching $106.89 million in the second quarter.
The company's financial statements highlight its assets, liabilities, equity, and cash flows, offering insights into Thermon's overall financial health and performance.
Net Income
During the second quarter of 2023, Thermon Group Holdings, Inc. generated a net income of $10.94 million. This impressive figure reflects the company's successful operational efficiency and strategic business decisions during the period.
Revenue
Thermon's quarterly revenue amounted to $106.89 million, signifying a significant increase in comparison to the previous year. The substantial growth in revenue reflects the company's ability to capitalize on market opportunities and meet customer demands effectively.
As of June 30, 2023, Thermon's total assets amounted to $657.13 million, showing growth compared to the previous quarter's $649.63 million. The company's current assets, which include cash and cash equivalents, accounts receivable, inventories, and more, totaled $255.58 million.
Meanwhile, Thermon reported total liabilities of $223.18 million as of June 30, 2023, compared to $230.64 million at the end of March 2023. The company's current liabilities, including accounts payable, accrued liabilities, and others, stood at $110.05 million.
The company's gross profit for the three months ended June 30, 2023, was $47.31 million, showcasing a significant increase from $37.23 million in the corresponding period last year. Operating income reached $15.41 million, compared to $11.21 million in the second quarter of 2022, reflecting improved operational efficiency and cost management.
Condensed Consolidated Statements of Equity
Thermon's total equity as of June 30, 2023, was $433.95 million, indicating growth compared to $418.99 million on March 31, 2023. The company's equity is composed of common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income/(loss).
Condensed Consolidated Statements of Cash Flows
The company's operating activities generated a net cash flow of $868,000 in the second quarter of 2023. In comparison, the company had a net cash flow of $11.86 million during the same period last year. Thermon invested $2.79 million in purchasing property, plant, and equipment during the quarter and engaged in financing activities, including repayments on long-term debt and a revolving credit facility.
Overall, Thermon Group Holdings, Inc. exhibited a strong financial performance in the second quarter of 2023, with a remarkable increase in net income and revenue. The company's ability to efficiently manage its assets and liabilities positions it for continued growth and success in the industrial heating solutions market.