- Earnings call transcript Q2 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings, and welcome to the Thermon Group Holdings Second Quarter Fiscal 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow a formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to our host, Ivonne Salem, Vice President, FP&A and Investor Relations. you. Thank

begin. may You

Ivonne Salem

Good second thank quarter Diego. today's for fiscal XXXX conference morning, you, you and joining Thank call.

X-K the Earlier earnings this section on of with Investor press an also Form SEC release, which our on morning, has been Relations we the and is issued available website. filed

XXXX. conference can & Earnings Calendar Events, found slides our in QX the Additionally, call IR for IR Conference this be website News Call under

accounting principles. the we'll accepted conform some to that items not call, do During discuss generally

We items at GAAP end be release. with those measures to have in of measures financial for measures substitute addition non-GAAP of press accordance comparable GAAP. reconciled and performance most the to a in not earnings the should the tables in These as considered the reported

to report this annual I SEC with certain could Please remind may make our during uncertainties results. and quarterly statements our for impact refer including information to our you that our recent we filed that forward-looking future most forward-looking call, regarding statements, company. regarding the the risks more and would report like

differ new from or except results forward-looking may law. publicly as whether be any forward-looking result no obligation materially we developments actual those to update these contemplated statements, a required by as statements, information, Our future and of by undertake may otherwise,

his would like remarks. opening for and President Officer, I Now Executive to introduce our Bruce Chief Thames,

Bruce Thames

us today. Ivonne, you, thank good for morning, thank and joining and Well, everyone, you

Thermon. today by to begin stage a overview I the wanted with quick setting of

and industrial heating in from world across four economic company, facilities As customers cycles. been resilient mission-critical XX We're we've a process reliable in safe, on a leader many to countries continents. tested proven and solutions providing XX-year-old innovative

employers plan, employees record for in the I dedicated like commitment awardee I'd for all an in next one which XXXX. have recognize creating safest your long-term will to our executing excellence Thank by and X,XXX value an to are our thank as in discuss detail safety strategic over more team Our of for our slides. being customers Canada's you and also safety. few Canadian to industry-leading

Slide to X. now Turning

order You can see areas. term, our our value key for we're pillars. over long on focused strategic three shareholders the to create In

installed our base. growing profitably First,

developing other Second, from allocation. large provides attractive markets. adjacencies, significant capital driving markets. our traditional We verticals. installed and to commercial, revenues rail growth and We're diversification through beverage third, and benefit end base, additional digitization global a transit, while across as And disciplined opportunity food very capture market recurring end diversification, growth driving which such into and

help sustainable long-term also the sources. towards enable transition energy solutions Our

particularly solutions demand industrial in also seeing with productivity, We're expanding become important, the that our and the products growth with our driven the localization for middle supply support rising meet Things by challenges of and customer developing markets, safety and point, has price enhancements. digitization efficiency class, increasingly to area reliability, and of requirements We're lead customers. for time ongoing chain in a Internet content utilize

priorities. we're debt balance allocation strength as through down pay committed disciplined with growth current to to inorganic maintain and our bolt-on Finally, sheet capital acquisitions

to decarbonization. We're Slide energy X. sustainable focused to transition on and now Turning increasingly the enabling

the neutrality carbon wide a are As world of opportunities range moves in XXXX, towards we emerge. seeing

our are here see well can portfolio a variety and as energy transition that that as to products of for sources offers You for wide services renewable critical efforts. the decarbonization

sources battery power. solar plants such energy wind renewable and support applications as heating Our farms,

to through process capture services the of amongst Our electrification, storage products also and carbon recycling and and contribute others. decarbonization

applications over in orders and pipeline in Thermon temperature $XX conditions harsh controls a in make XXX these over have qualified growing secured many communication, high for with uniquely This of year, and of these applications. technology Our we opportunities. million

sustainability are of experts and customers their help that achieve delivering solutions team our to dedicated technical decarbonization Our objectives.

markets end diversification markets the reliability of largely our to in Slide roughly year and in seeing At sector year currently against to 'XX. compared increase strategy. markets Moving combined 'XX, end throughput end emphasize made fiscal installed environment. year upon the progress on that I other and and approximately In non-oil gas came external our the base. fiscal oil a strong the fiscal we've again we're 'XX, market that like would end outpacing of XX% to efforts maintenance revenue gas now recovery focused our is with from and end the to X XX% on

also However, diversify and our XXXX. targeting to the to and non-oil we of our gas of will goal work XX% revenue success by year efforts seeing our are XX% end long-term in diligently continued toward fiscal

in here the We power strong European from In transition maintenance continue the energy, the We middle going to enables are and end-use the the driven of customer cheaper petrochemicals, renewable offset the growth and the in see that rise markets majority demand expect strength across our environment markets. we headwinds electric margin the to energy be of for believe by plastics over prices the class with end The partially with to longer sector, along chemicals those to and combined grow abundant forward term. increased in and U.S. other feedstock power by Asia. pressures

experience up such make power. nuclear category Several renewables, hydrogen, of adjacencies the and including strategic as to verticals growth, the biofuels that continued

in with ongoing well. over As a immune geographic mentioned solutions, of wide not combined continues our Overall, orders both have across markets we $XX variety of our million turbulence, we're breadth earlier, macroeconomic serve the year. fiscal end believe while impacts this and secured diversification us the to we from to

while chain costs of to for results by managing been Thermon our controllable increased America, also Turning to make strong another ongoing to driven costs our share the continuing X. earnings quarter North on gas the supply strategic outperformance investments quarter over which and softening business and per benefited of team's realizations, and despite second recovery able due and longer the orders offset achieved transportation in in performance XXXX industry. execution record challenges, adjusted disruptions from price macroeconomic to grow outstanding strong revenue We and including now oil our in quarter had term. to fiscal second euro. Slide of the diligently material year incoming We've ongoing with

integration acquisition million is over our announced the revenue track during the the of quarter and Powerblanket example, produced quarter. For of on during $X first second

made global $X.X the prior supply Revenue increase an Free period. $X.XX of $XXX.X by points. XXX% year-over-year. address impacted was year-over-year short-term EPS a EBITDA nearly for million a more doubled flow than investments million, margin Adjusted year to from was a share, XXX of increase was of XX.X%, up the inventory quarter record in with XX% we adjusted an basis $XX constraints. Nonetheless, negative million to cash chain of of

the turbulence macroeconomic the full revenue year, robust the global and performance in guidance fiscal strong EPS raising we're half While for given first in and business. a our is ongoing, backlog continued

strong. can that Book-to-bill up labor to backlog trailing and XX% XX-month on orders bookings remain Year-over-year, you see excluding X, orders X%, was a X.XXx. onetime basis. a continue our Slide On were contract, while grew

Our X% FX year-over-year, backlog was up million $XXX.X of excluding impacts.

financial turn Kevin review With that, of now our Kevin? call more a for I'd like to over to in-depth results. the

Kevin Fox

Bruce. you, Thank

revenue to X. on Turning Page

global maintenance Hemisphere XX% a was exceeding demand. in meeting versus in downstream, the by our chemical the result growth deferred Thermon global note and while upstream customer would and this Western gas and oil expectations. internal year as activity commodity prices continued end investments prior of and Sales markets driven and and sustained First, drive demand. strong growth, team with to Revenue performance million, very pleased quarter in second overall that the I are quarter up profitable was we continued $XXX

executing maintenance total diversified against While gas market oil gas. is spending we and that oil in from diversification. long-term focused our goal of of we considerably, expect the will end By come fiscal other growing the still revenues XX% and markets least on of markets at are than 'XX,

XXX% and We with in beverage continue progress year-over-year. transit and XX% up to those and see food rail up markets

excluding on to FX include dollar, and financials revenue currency stronger U.S. million XX% full growth, revenue continue year-over-year. acquisitions to constant of in the in quarter negatively revenue. million business by impacted results the due Reported ahead. expect to was Thermon's also a worth $X impact we quarters our Powerblanket which basis $X the

We advance plan integration completed are is heating season. the pleased progressing activities that smoothly in winter acquisition on integration the of Powerblanket our of and with commercial

grew and the maintenance revenues XX the months, and which across in in XX% strength underscores trailing XX% installed base. the Point-in-time global quarter spending our

have versus project material time, revenue time, particularly in projects, smaller total with in and are reminder, engineering product basis revenue where project revenues oil Over quarter growth material services. of representative while end activity this revenues, aligned increased overtime design point-in-time revenues work which on chemical XX% and was or represented were our XX% we of markets. quarter XX%. revenues downstream of supply installation a point-in-time our and Over and or TTM the As sales, XX% in are a up by driven

sales Now XX% projects versus Reported second and an basis margins XX% out items and are Page points on mix design Western driven contributed gross a XXX on the in mentioned few call and increase the quarter context the by with 'XX, of reported strong towards to for earlier. the the sales quarter improved of we'll the last in fiscal volume in a both gross supply SG&A provide In performance. year, XX. point-in-time Hemisphere the margins overtime

efficiencies chain quarter. completed includes basis be price/cost headwinds favorable quarter for on of impact global XXX Please the pricing by impacting of continue May months was points. note equation the points, XXX calls Operational we in this our and the labor of data discussed with in points contribute large an previous able that on-site prior XXXX. basis work the additional and XXX the We to trailing year which manage supply contract quarter XX basis of to offset onetime

general quarter, revenue revenue, versus trailing SG&A the $XX XX-month or million grow of compared prior on business. or to million XX% increase As almost In demonstrating prior XX% the year, of was was revenue. of our expenses On the depreciation slide. ability basis, the the to year up deduct SG&A of of to SG&A reminder, and revenue XX% a we a efficiency reported $XX $XX.X from SEC the XX% million and selling, the from we administrative in arrive as or $XX.X at quick million

investments us to to in the are fiscal want attractive remain the business. cycle. notably towards to business our of We've the for the growth over we those help capital 'XX diligently We macroeconomic the profitable the controllable Europe, our to investments continued most balance focused increase challenges, continuing are because business will factors. the term ongoing we through manage will diversify With and profitability positioning spend, drive highest ensure to managing during directing of dollars spending in strategic ensure returning scale while that success aggregate SG&A longer on proactively and we and

volumes, Adjusted XX% Thermon higher XXX equation basis quarter. of XX.X%, quarter. $XX.X was for margins doubled, on to deliver XX positive we XXX now basis, excellence, up million is XX-month to $XX earnings of along environment of the our of has objectives. year, volatile of EBITDA on continuing we bottom a per adjusted line adjusted up a share. combination managing EBITDA and with million, with strength EBITDA our expansion from or On $XX almost Page prior as business in results the pursuit is of of an Adjusted very the sales expansion the basis points. and the carefully million the points. representative trailing price/cost team from Moving strategic of execution the and along this margin yielded over expect model EBITDA The operational This has in

is growth quarter. business season seasonal until to begins to the in and is EBITDA contribute adjusted Powerblanket's third heating not meaningfully the expected quite

$X.XX year, in Given expansion the XXX the of half performance are from the to was quarter adjusted compared in $X.XX per XX.X%. and share. basis $X.XX adjusted year's share we in projecting fiscal EPS the share a $X.XX strong in XXX second significant 'XX's was point versus prior a EBITDA now share, last GAAP per to the margins per year, increase per first EPS

XX-month and EPS $X.XX. For adjusted the was period, GAAP $X.XX was EPS trailing

opportunities debt a the down $X.X M&A to cover we quarter X.Xx prior an in cash we updated capital years. our net $XX the of million. role We strategy sheet. the at an option, diversifying will allocation versus which, of total We debt XX, Page EBITDA continue resulting improvement year. quarter, over a during continue ratio million attractive business we'll paid at the ended adjusted few the as balance of key of additional the On We'll X.Xx, next to look believe, play as with

to for of raw secure Working We and as higher-volume the supply capital in invested were seasonality in the year. key inventory and the winter increase results disruptions and shipped inventory, supply chain, of supply buffer we've quarter, turns, in second anticipated mixed and our we the expect of our global chain working capital season. materials as materials particularly demand prepare half raw in robust volumes seen to our in challenges particular, volumes we subside the would to increase due normalize the

flow Historically, we reminder, Thermon positive generate previous has flow in through free generated cash quarters. had been the positive cycle. cash as able a to consecutive And XX the

side the inventory due cash was with to focused quarter. the of maintenance. negative predominantly million investments negative $X.X quarterly flow On the the right flow in we page, on free and CapEx strategic cash of in $X million had

our activities. to in CapEx deploy invest over expect We conclude we to initiatives this million as continue in maintenance $XX some year strategic and

quarter's built upon with performance last quarter significant This expansion. margin positive

the we and us our concern drive supply levels an the communities. plans, see and to for team to Thermon Thermon area be deliver strong value shareholders and for near While chains for the its to cost times, customers, of commitment Many continue create the ahead our and execute opportunity lead to short- thanks or team outlook results against long-term that nowhere to great enables in continues and the pre-COVID Europe of are continues work and to shareholders.

ask I'll Bruce with plan. And on that, fiscal the 'XX update provide to an year

Kevin Fox

XX you. I'd to and to turn Slide like long-term goals. thank revenue Kevin, now you our

business which revenue fiscal 'XX, be base very shows of fiscal established fiscal is our growth objectives. in markets strategic believe year, XXXX that recovery With by execution end our to the on of on in we this driven fiscal first five-year strong performance 'XX for growth put revised initiatives. goals these objectives. year Subsequently, puts us million which $XXX 'XX saw $XXX fiscal unchanged, was Our well estimate revenues fiscal the pleased year year Thermon 'XX, fiscal impact 'XX year year our track chart we we've and toward to plan. successful achieve with of early remain year our in COVID-XX will million, and half our we're our of the to the This in strategic line the our in progressing in year to of peak and stages

drive execution the and our We growth, organic across will strategic to continue of goals. achieve enterprise entire initiatives to acquisitions

outside XX% exposure, Last to represent We EBITDA but on continue to place industrial oil targeting a same operational of in end gas fixed 'XX. our the least, not the market expect high year fiscal specifically over priority combined range by excellence mid-XX% and period. our on diversifying of margins revenues low- sectors markets to of we end with our leverage costs that yield to to XX% the

our year Slide to fiscal guidance now the XX XXXX. for Turning and updated

fiscal year seeing environment, raise our areas of year the very in are guidance. give are confidence year. in EPS performance Thermon's and to million year to we of for $XXX of to the the EPS roughly the year. over full over $XXX $X.XX share, $X.XX 'XX raised to year guidance the midpoint represents XX% at million, at being XX% raising prior prior revenue which this bookings current in quotations, We first half pleased us spite In with of is backlog 'XX the growth fiscal the number revenue roughly of to year strong uncertainty range. of and the positive macro momentum full increase the the We're an midpoint a fiscal GAAP

the to full also delivered $X.XX increase year, a We growth top guidance XX% over share our the adjusted are year. XXX% year of to an of on raising 'XX the prior EPS fiscal fiscal $X.XX in for

wrapping Slide on up Finally, XX.

providing high-value industrial market and niche Thermon This advantage. competitive a mission-critical innovative to is with significant barriers process is world As which entry, leader a solutions. today, reliable we've is high safe, heating in a detailed

deliver truly beyond positioned well and generates profitable to outstanding across team, our Our for combined of base, 'XX resilient a large that our recurring intensity aftermarket is across create remainder that diversification global our value variety believe to Thermon our revenue We installed markets, our that is and low long-term a end and to the create through capital growth business business economic of shareholders. cycles.

the this Q&A to like I'd moderator, for Diego? call. our to turn now the of portion over Diego, call

Operator

comes William Blair. Our question Instructions] [Operator from first Drab with Brian

Brian Drab

Slide just these in the pipeline? clarify, generated projects back did you period we a talk what you you these all, Can of to about second go say revenue you did for how categories? to X and just that can First and over much related say time

Bruce Thames

in bookings the noted had I Slide X.

quarter. a can for don't number say that... But revenue this I have I So

Brian Drab

could you repeat missed If number. just did I you whatever say, the

Bruce Thames

can million we I $XX of year-to-date. what year. last was booked roughly bookings all to it in Yes, equivalent tell that's you in fiscal

a seeing and march I is in And the the areas. think in illustrative energy and economy this are the we this play toward we here that XXXX. really in opportunities have emerging So shift of these markets -- in great this all growth to real slide decarbonization of our and

Brian Drab

And or to clarify, saying just XX, X-X? you're XX

Bruce Thames

X-X, point year-to-date tied of XXX and in areas. that's got is are And these now to opportunities the other roughly we've pipeline bookings which is X% over growing. our

Brian Drab

I you kind space? some you'll there typically, larger that's and are And of it? of other be globally, here? when It ask the sounds those that. same larger projects? And Are then to about very to questions that situation on competitors are you And projects on a see to much expect that. of thinking see in that this going Thermon you're couple same substantial that like is competitors just pipeline. some bump type bidding into -- I'm wanted And same pretty the Or of Right. do nVent the A projects? projects these of and the --

Bruce Thames

our think our lines, -- emergent of depends our think applications be you would there's pretty whether about our these. those process Well, of nVent a bundles, our it wide portfolio, and heating, is in if certain all one breadth be you tracing as of business. see can that competitors the environmental, do when tubing across heating, here, larger things, product products on largest Certainly, But competitor really And heat differ. the we about of all range of opportunity.

landscape the So the opportunity. upon competitive will differ depending

big I skews installs. you I gamut. smaller I skew the add things. Brian, think about it's I engineered-type you standpoint. opportunities it maybe size would heat of tell think runs towards process heating side of you your from the it And systems And kind of the the here, the large when tracing towards more a of would kind would not But size

So bit little hopefully, you that helps a give context of there.

Brian Drab

different Yes, one absolutely. the a guess Do is to on the think, things this you revealed a for that broad last categories. question And slide. that portfolio I that is the of have different kind for -- one I portfolio advantage these on of And competitive verticals? it that these tough find of offer you broad solutions slide having

Bruce Thames

really the Absolutely. an solve organization. It the gives gives right It points customer within customer's you you bring the ability and to problem. touch to solution the different

us we opportunities. question, without competitive types and it real a as of really these gives pursue develop So advantage

Brian Drab

to interesting Great. to it's this Yes, be see Okay. going develop.

If Just you wrote XXX you margin shifting much XXX said but versus you to gross that expect that from to for OpEx about margin? to basis in talk And comes what I XXX, of balance margin how if for for year. leverage? the margins, of wrong, the EBITDA gross down I right, think in year correct -- XXX points terms increase if got I'm this me I expectation it can

Kevin Fox

this Brian, is Yes, Kevin.

which margins skews heating higher advantage is margin. we generally side of I specifically towards got more you've half, the think think the little for back a season, of the which the material gross things, when

margins in I what I and the at are for with when first backlog consistent look year. we projects, think, seen the the of we've backlog, half think the

that's what's the of seeing that here uptick So you're part driving year-over-year.

last have And the don't then that contract backlog big on we the certainly headwind had in we year.

XX% year realization pretty to the we puts that think the with and of about all past. gross feel But feels versus just where the delivering projects. together, So out? first it, in range margin with margins have in seen of where takes seen you put that half I we're you in with the if I the in and historical, going think there's Do get kind obviously like it call of the consistent So it back mix, we've the half. year gross it good we've that

Brian Drab

is very from XX.X% up is in you of did The in quarter somewhat? going gross expect you of there that's do come margin, that possibly? to heating the does put here just kind it that off Or wondering XX.X% we're up I now what second the season, you Okay. go level strong was

Kevin Fox

was Yes. QX little bit Keep in mind, a lower.

that that margins, when project mix XX%, gross gross XX% of labor So we kind you're if not would On as TTM a be level. basis, the we year-to-date near in margins well. about exclude

mix has So certainly, back been to mix is in mid-XXs. I little can that can skew you the certainly, think demonstrate margins the around the into half. the and that bit get we as team those But within the timing certainly factor able the know, a a

feel pretty in the we about that margins So mid-XXs for half. second range gross I think good

Brian Drab

can number just make I that got it. give So you to sure again

You said what the was large period? excluding margin XX% gross over project,

Kevin Fox

That's TTM number, a Brian.

on a trailing XX.X% that's basis. XX So

Brian Drab

TTM, got it.

Or and here bit be it question the is moment obviously, about do from elaborate Thermon? can and on gas more. different the first this you at the look Okay. think that? Europe positive into further dynamics situation, how all ask investors and just you risk? just And is there I because a one talk I then potentially for going connects on the a Thermon I Can Or little the can winter at that you how get

Bruce Thames

tankers, midstream seeing opportunities of as done And we creates itself supply like things to more opportunities. and that and work really LNG of oil to then dependence LNG has well of look particularly in sources Yes. liquefaction lot natural short their for Thermon. Brian, Europe's gas, are upon term and we midterm The Russia gas. in be as There's it's that think all, let's first that. really of shift a for I if kind that kind at -- and of manifesting

those positives. So all are

We impact are just the the Europe, a continent. costs seeing pretty higher a on just having negative on there in just energy operations

headwind, baked a factored the our year of forecast. in So that's that's and back all into half

So forecast provided. accounted the like in that that's for we've we risk been feel

-- those certainly, I'm The in But we higher petrochemicals, that. see making energy geographies is and speaking particularly energy around and chemicals more other petrochemicals, specifically also actually more from U.S. Europe, costs making other are cost competitive. lower benefiting they're

So offset. there's some

as kind what And part various reason seeing reasons. in such seen chemicals U.S. they've strength of we're believe the the for of is we pressure and despite globally petrochemical sector margin some

there's the in there's some mid with the and we So certainly just costs longer there European near-term higher to overs just weakness of unders the continent. energy and positives but the on kind operations see and term,

Operator

question City Kansas our from Jon Capital. with And next Braatz comes

Jon Braatz

and get that comments, and going maintenance. it's by about in talked of deferred you legs definition, in up? have, strong lot this that been the gas does market does they're a your oil long What last? to how caught Bruce, has year, of deferred How kind

Bruce Thames

Yes.

could So back we've foremost, to Jon, look looking just of kind where spending of few a it's And a things. in customer we first and protracted kind go for at as I period. economic of maintenance if we COVID-XX, I'm kind really seen the we deferred saw facilities. which different access first being not And downturn at this,

where and maintenance maintenance And spending in had my fairly was before then depressed. we opinion, and that, XXXX a stop. of So the since lot virtually was, really a underlying activities actually period

it's going what a recession, environment have a independent it's when here, the supply tighter the supply. debottlenecking really also in see It's in recovery, There's still investments we I potential could spending. in we improving see we to kind been of in reliability. not And we're maintenance Then and of think productivity in at look and any CapEx. I which think, -- tight not really

get of in and XX that a because are assets to trying and CapEx a the really place also catching of with XX this most in capital potentially another out period gas are just a shift seeing of to of return fairly we're oil companies deployment of lot to kind from time, strategy the more least at I months up shareholders. sustainable these think over by allocation lot to big the significant

a so forward. we're seeing optimize throughput of and base lot they're investment is asset here the in And current ensure reliable to what going

Jon Braatz

to one, are in Okay. begin Bruce, we some and you seeing benefits. going spending that be see Number a a some calendar Bill, like tick spending questions. the Reduction Inflation challenges, the up right. and else, All you Two is XXXX. or then in We And everybody getting from maybe to have Act Infrastructure keep indications there's maybe you, envision that secondly, this online broad XXXX? chain supply benefit is in coming do the question.

do chain from chain and If into we're going spending Reduction challenges that? at the you you Inflation How have to are persist well increased supply and supply see XXXX? the problems look now, Act Infrastructure, why these will --

Bruce Thames

question. great a it's Well,

First, at spending look. And let's of had year-over-year mean look these And some the those just we've are those after believe prior significant can with -- opportunities for our benefits. power, year. that bills we do we create I Yes, some are areas, transit. rail we opportunities. start and And business. to the particularly as I growing in those businesses are growth certainly, see going

So year almost XX%. power is year-to-date is up last after a transit in and XX% rail growth XXX% up

So of strength. we see continued kind that

we're challenges and manage where still having seeing supply we couple chain of number it As of still acute through. are there in areas areas, to a of far kind disruptions, but a the are as improve

really chains that impact to to predict. occur part where guess we negatively those I have policies linked supply is place. China, factories. here Those back unpredictable and the shutdowns are the They're hard in zero tolerance

from just prognosticate about harder think what I happen. so And it's to chain and sit a supply might here challenges,

did that I areas redundancy supply a inventory resiliency. see We impact. all a certain adjustments lot having challenges. of increase of is our think chain in have in we've to our we and made levels And favorable where some

next, that say, ensure predict to murkier quarters. little much it's of harder, of us this how our supply two over customers. But helps for the really will So security a four to abate

Operator

at Thank are further back floor I'll this the Bruce for questions to There closing hand time. over you. Thames remarks. no

Bruce Thames

right. thank joining your in and today. All thank you. for And and We the appreciate us interest investment you. Diego, Thermon, on you all call good a day. Thank have

Operator

great Thank may Have All disconnect. conference. you. today's concludes This a day. parties

Thermon (THR) 3 Nov 222023 Q2 Earnings call transcript