Thermon Group Holdings, Inc. reported its financial results for the three months ended June 30, 2025, revealing a decrease in sales to $108.9 million, down 5% from $115.1 million in the same period last year. The company's gross profit also fell by 5% to $48.0 million, reflecting a gross margin of 44.1%, which improved slightly from 43.8% in the prior year. Net income for the quarter was $8.6 million, a marginal increase from $8.5 million in the previous year, resulting in a diluted earnings per share of $0.26, unchanged from the prior year.
The decline in sales was attributed to delayed backlog conversion and reduced customer demand, influenced by market uncertainties related to tariffs. However, the acquisition of Fabbrica Apparecchiature Termoelettriche Industriali – F.A.T.I. (F.A.T.I.) contributed $6.8 million to the quarter's revenue. Excluding this acquisition, point-in-time sales contracted by 6%. The company noted that while point-in-time sales increased due to F.A.T.I., overall activity in the United States and Latin America (US-LAM) and Asia-Pacific segments decreased significantly.
Operationally, Thermon has continued to expand its capabilities, integrating F.A.T.I. into its Europe, Middle East, and Africa (EMEA) segment, which saw a notable increase in sales of 118% year-over-year. The company’s total backlog as of June 30, 2025, was $252.2 million, up from $240.3 million at the end of the previous fiscal year. This backlog reflects the company's ongoing efforts to secure new projects and maintain a strong pipeline of future revenue.
In terms of financial health, Thermon reported total assets of $765.3 million, an increase from $755.5 million at the end of the previous quarter. Total liabilities decreased slightly to $256.0 million, down from $260.1 million. The company maintained a cash balance of $36.5 million and had $94.3 million available under its revolving credit facility, indicating a solid liquidity position. The company expects to continue managing its working capital effectively while pursuing strategic growth opportunities, including potential acquisitions.
Looking ahead, Thermon anticipates that its revenue will increase as it continues to navigate market conditions and capitalize on its expanded product offerings and geographic reach. The company remains focused on integrating F.A.T.I. and leveraging its capabilities to enhance its market position globally.
About Thermon Group Holdings, Inc.
Thermon Group Holdings, Inc. provides engineered industrial process heating solutions, including heat tracing, process heating, boilers, and related services. Serving diverse markets such as energy, chemical, power, and transportation globally, it offers products, engineering, installation, and software for complex projects. With a focus on innovation, safety, and sustainability, Thermon leverages a broad product portfolio, global manufacturing, and long-term customer relationships to maintain industry leadership.
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