San Marcos Mercury | Local News from San Marcos and Hays County, Texas

June 7th, 2012
Thermon reports revenue, profit gains in 2012

In April, Thermon completed a 48,000 square foot, $5.5 million new manufacturing building at its headquarters campus on Interstate 35 in San Marcos. The expansion will allow the company to double the number of low-temperature cables it can make increase production capacity of high-temperature cables in product line by about 30 percent. COURTESY PHOTO.


San Marcos-based Thermon Group Holdings posted record revenue growth — and a $12 million profit — during its first fiscal year as a publicly traded company on the New York Stock Exchange.

In regulatory filings released Friday, Thermon reported $6.3 million in profit on $69 million in revenue during the quarter that ended March 31. That marked an improvement on a $4 million loss on $59.8 million of revenue during the same period last year.

The quarterly earnings amounted to about 21 cents per share, beating analysts’ collective estimate by 2 cents. Thermon stock opened at $21.01 a share this morning and has been trading above $20 since late March. It’s 52-week high was $23.17 on April 5.

“We are enjoying a strong tailwind,” chief executive officer Rodney Bingham told analysts during a June 1 conference call, the Austin American Statesman reported.

Annual revenue grew from $239 million in fiscal year 2011 to $270 million in 2012, according to the Security and Exchange Commission filings. Thermon netted $12 million for the year compared to a $15.2 million loss in 2011.

“We had a very good year in 2012. We set new records for revenue, orders, gross margin and backlog. We continue to say, ‘This is a very good time to be in the heat tracing business.’ All of our geographical business centers are doing well, and our main market sectors — oil, gas, power and chemical — continue to drive our revenues and earnings,” Bingham said.

Started here in 1954, Thermon manufactures products that help maintain the temperature of pipes and other vessels in the energy, chemical and power generation industries. Its customers reportedly include Exxon Mobil, Chevron, BASF, Dow Chemical, DuPont and Shell.

The company is the city’s sixteenth largest private employer with 275 workers at its San Marcos facilities, according to the Greater San Marcos Partnership.

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