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Gentex Corporation (NASDAQ: GNTX), founded in 1974 and headquartered in Zeeland, Michigan, is a leading global electronics company renowned for its innovative product offerings in the automotive, aerospace, and fire protection industries. The company's core competencies include highly automated electronics, CMOS camera development, vacuum coatings, and glass bending and fabrication, making it a vertically integrated powerhouse in technology innovation.
Originally established to produce smoke-detection equipment, Gentex entered the automotive sector in 1982 with its first glare-control interior mirror and continued to pioneer with electrochromic technology in 1987. Today, automotive revenue constitutes about 98% of Gentex's total revenue, with 2023 sales reaching approximately $2.3 billion and 50.6 million mirrors shipped. The product mix consists of 63% interior and 37% exterior mirrors.
Gentex is a long-time supplier of electro-optical products, providing nearly every major automaker with connected-car technologies and advanced electronic features that enhance driver vision and safety. In the aerospace sector, the company supplies dimmable aircraft windows that optimize passenger experience. Its fire protection segment continues to innovate with products like the PLACE Smart Smoke/CO Detection system, a holistic suite of smart home safety devices.
Recent strategic moves include new R&D activities, collaboration agreements, and acquisitions aimed at diversifying its product lines. At the 2024 Consumer Electronics Show (CES), Gentex showcased groundbreaking advancements across several product categories, including the PLACE Smart Smoke/CO Detection system, ADASKY thermal imaging technology for automotive applications, and driver and in-cabin monitoring systems.
Gentex's latest product, the Full Display Mirror (FDM), integrates advanced cameras and dimmable technology to provide superior rearward visibility and enhanced driver safety. Additionally, its HomeLink Smart Home Solutions bridge the gap between car connectivity and home automation, offering a seamless ecosystem controlled via a single app.
Financially, Gentex reported net sales of $590.2 million for Q1 2024, the highest quarterly sales level in the company's history, driven by strong content growth and increased demand for its advanced features. The company continues to focus on margin recovery and cost optimization, aiming for a gross margin of 35%-36% by the end of 2024.
With a 50-year legacy of innovation and a robust portfolio of technologies, Gentex remains at the forefront of enhancing safety, vision, and connectivity across multiple industries.
Gentex (NASDAQ: GNTX) has announced a definitive agreement to acquire VOXX International in an all-cash transaction at $7.50 per share. The acquisition, expected to close in Q1 2025, will add $350-400 million in annual revenue and is projected to contribute $40-50 million in pro-forma annual EBITDA after implementing profitability improvements.
The strategic acquisition includes EyeLock® iris biometric technology and the Premium Audio Company, featuring brands like Klipsch®, Onkyo®, and Integra®. Gentex plans to leverage its high-volume manufacturing expertise to expand in consumer technology and connected home spaces. The deal includes post-closing tax benefits of $15-20 million in tax loss and credit carryforwards over 5-6 years.
VOXX International has announced a definitive merger agreement with Gentex , where Gentex will acquire VOXX in an all-cash transaction valued at approximately $196 million. Under the agreement, Gentex will purchase all outstanding VOXX shares for $7.50 per share, representing a 163% premium over the unaffected closing price of $2.85 on August 26, 2024.
The transaction was unanimously approved by VOXX's transaction committee and disinterested board members after a thorough sales process led by Solomon Partners. The Shalam family, holding approximately 57% of voting power, has agreed to vote in favor of the merger. The deal is expected to close during Q1 2025, subject to stockholder approval and regulatory clearances.
Gentex (NASDAQ: GNTX) has announced its fourth quarter 2024 cash dividend. The Board of Directors has declared a quarterly dividend of $0.12 per share, payable on January 22, 2025, to shareholders of record as of January 8, 2025. Gentex is a supplier of digital vision, connected car, dimmable glass, and fire protection technologies based in Zeeland, Michigan.
Gentex (NASDAQ: GNTX) is showcasing its latest automotive technologies at the SEMA Show 2024 in Las Vegas. The company's booth will host three major vehicle unveils: Ringbrothers' INVADR (a 1,246 HP 1987 Buick Grand National) and TUKA (a 1972 Chevy Blazer), along with Label Motorsports' Project Opsis (a Chevy Corvette Z06).
The company will display its automotive portfolio including car-to-home automation, connectivity, e-concierge, digital vision, and dimmable glass products. Featured technologies include HomeLink, Integrated Toll Module, Full Display Mirror, and a dimmable sun visor concept. The unveiling events will take place at 1 p.m. on November 5 at Gentex's booth #23889 in Central Hall.
Gentex (NASDAQ: GNTX) reported record Q3 2024 net sales of $608.5 million, a 6% increase from Q3 2023, despite light vehicle production declining 6% in primary markets. The company achieved a gross profit margin of 33.5%, up 60 basis points from Q2 2024. Net income rose 17% to $122.5 million, with earnings per diluted share increasing 18% to $0.53. The company repurchased 3.2 million shares during the quarter. Due to market conditions, Gentex revised its 2024 revenue guidance to $2.35-$2.40 billion and updated 2025 revenue estimates to $2.45-$2.55 billion.
Gentex (NASDAQ: GNTX), a supplier of digital vision, connected car, dimmable glass, and fire protection technologies, has announced the release date for its third quarter 2024 financial results. The results will be released on Friday, October 25, before the market opens.
The company will host a conference call for the investment community at 9:30am ET to discuss the results. The call will also be available to the general public via a live audio webcast. Participants who wish to ask questions can register for the call to receive dial-in numbers and a unique PIN. A listen-only webcast option is also available for those who do not plan to ask questions.
A webcast replay will be accessible approximately 24 hours after the call concludes on the Gentex investor relations website.
Solace Power Inc., a leader in wireless power technology, has appointed Neil Desai as Chair of its Board of Directors. Desai brings extensive experience in global technology commercialization, having played a key role in Magnet Forensics' growth from startup to a publicly-traded company with a $1.8-billion sale. CEO Neil Chaulk welcomed Desai, highlighting his strategic insights and commercialization experience as valuable assets for Solace's expansion.
Desai, who serves on several boards and is a senior fellow at the Centre for International Governance Innovation, expressed enthusiasm about joining Solace at a important time. He emphasized the transformative potential of wireless power technology and Solace's strong position to lead the emerging global market. The appointment follows Solace's recent successes, including the launch of power through-window technology for telecom and a partnership with Gentex (NASDAQ: GNTX) in the automotive sector.
Gentex (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, and fire protection technologies, has announced a quarterly cash dividend of $0.12 per share. The dividend will be payable on October 23, 2024, to shareholders of record at the close of business on October 9, 2024.
Gentex, founded in 1974, is primarily known for its automatic-dimming rearview mirrors and electronics in the automotive industry. The company also produces dimmable aircraft windows for aviation markets and fire protection products. This dividend announcement demonstrates Gentex's commitment to providing value to its shareholders.
Gentex (NASDAQ: GNTX) reported its Q2 2024 financial results. Key highlights include:
- Net sales of $572.9 million, down from $583.5 million in Q2 2023
- Gross profit margin of 32.9%, slightly lower than 33.1% in Q2 2023
- Net income of $86.0 million, compared to $109.2 million in Q2 2023
- Earnings per diluted share of $0.37, down from $0.47 in Q2 2023
The company faced challenges due to weakened light vehicle production in primary markets, with June sales significantly below forecast. Gentex updated its 2024 revenue guidance to $2.40 - $2.50 billion and gross margin to 34% - 34.5%. Despite setbacks, the company remains on track for record revenue in 2024 and 2025.
Gentex , a leading supplier of digital vision, connected car, dimmable glass, and fire protection technologies, announced the release date for its second quarter 2024 financial results. The report will be available on July 26, 2024, before the market opens, followed by a conference call at 9:30am ET for the investment community. A live audio webcast will be accessible to the general public. Participants can register in advance to ask questions or join a listen-only webcast. A replay will be available 24 hours post-event.
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