Gentex Reports Fourth Quarter and Year End 2024 Financial Results
Gentex (NASDAQ: GNTX) reported its Q4 and full-year 2024 financial results. Q4 net sales decreased 8% to $541.6M, with gross margin declining to 32.5% from 34.5% YoY. Q4 net income was $87.7M with EPS of $0.39.
For full-year 2024, the company achieved record net sales of $2.31B, a 1% increase from 2023, despite a 4% decrease in light vehicle production in primary markets. Full-year net income was $404.5M with EPS of $1.76. Full Display Mirror shipments grew 21% to 2.96M units.
The company returned $316.5M to shareholders in 2024, including $206.1M in share repurchases and $110.4M in dividends. For 2025, Gentex forecasts revenue between $2.40B-$2.45B with gross margins of 33.5%-34.5%, targeting approximately 35% gross margin by year-end.
Gentex (NASDAQ: GNTX) ha riportato i risultati finanziari per il quarto trimestre e l'intero anno 2024. Le vendite nette del Q4 sono diminuite dell'8% a $541,6M, con un margine lordo in calo al 32,5% rispetto al 34,5% dell'anno precedente. Il reddito netto nel Q4 è stato di $87,7M con un utile per azione (EPS) di $0,39.
Per l'intero anno 2024, l'azienda ha raggiunto vendite nette record di $2,31B, con un incremento dell'1% rispetto al 2023, nonostante una diminuzione del 4% nella produzione di veicoli leggeri nei mercati principali. Il reddito netto annuale è stato di $404,5M con un EPS di $1,76. Le spedizioni di Full Display Mirror sono aumentate del 21% a 2,96M di unità.
L'azienda ha restituito $316,5M agli azionisti nel 2024, di cui $206,1M in riacquisti di azioni e $110,4M in dividendi. Per il 2025, Gentex prevede ricavi tra $2,40B e $2,45B con margini lordi del 33,5%-34,5%, puntando a un margine lordo di circa il 35% entro la fine dell'anno.
Gentex (NASDAQ: GNTX) reportó sus resultados financieros del cuarto trimestre y del año completo 2024. Las ventas netas del Q4 disminuyeron un 8% a $541.6M, con un margen bruto en caída al 32.5% desde el 34.5% del año anterior. La ganancia neta del Q4 fue de $87.7M con un EPS de $0.39.
Para el año completo 2024, la compañía alcanzó ventas netas récord de $2.31B, un incremento del 1% respecto a 2023, a pesar de una disminución del 4% en la producción de vehículos ligeros en los mercados principales. La ganancia neta del año completo fue de $404.5M con un EPS de $1.76. Los envíos de Full Display Mirror crecieron un 21% a 2.96M de unidades.
La empresa devolvió $316.5M a los accionistas en 2024, incluyendo $206.1M en recompra de acciones y $110.4M en dividendos. Para 2025, Gentex prevé ingresos entre $2.40B y $2.45B con márgenes brutos del 33.5%-34.5%, apuntando a un margen bruto de aproximadamente el 35% para fin de año.
Gentex (NASDAQ: GNTX)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 4분기 순매출은 8% 감소한 5억 4160만 달러로, 총 마진은 34.5%에서 32.5%로 하락했습니다. 4분기 순이익은 8770만 달러로 주당 순이익(EPS)은 0.39달러였습니다.
2024년 총 연간 기준으로, 이 회사는 역대 최대 순매출 23억 1000만 달러를 기록했습니다. 이는 2023년 대비 1% 증가한 수치로, 주요 시장에서 경량 차량 생산이 4% 감소했음에도 불구하고 실현된 결과입니다. 연간 순이익은 4억 450만 달러로 EPS는 1.76달러입니다. Full Display Mirror 출하량은 21% 증가하여 296만 대에 달했습니다.
회사는 2024년 주주에게 3억 1650만 달러를 환급했으며, 이 중 2억 610만 달러는 자사주 매입에, 1억 1040만 달러는 배당금에 해당합니다. 2025년 Gentex는 수익을 24억 달러에서 24억 5000만 달러 사이로 예상하며, 총 마진은 33.5%-34.5%를 목표로 하고 있습니다. 연말까지 약 35%의 총 마진을 달성할 계획입니다.
Gentex (NASDAQ: GNTX) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Les ventes nettes du T4 ont diminué de 8 % pour atteindre 541,6 millions de dollars, avec une marge brute passant de 34,5 % à 32,5 % par rapport à l'année précédente. Le revenu net pour le T4 était de 87,7 millions de dollars avec un BPA de 0,39 $.
Pour l'année complète 2024, l'entreprise a réalisé des ventes nettes record de 2,31 milliards de dollars, soit une augmentation de 1 % par rapport à 2023, malgré une baisse de 4 % de la production de véhicules légers sur les marchés principaux. Le revenu net pour l'année entière était de 404,5 millions de dollars avec un BPA de 1,76 $. Les expéditions de Full Display Mirror ont augmenté de 21 % pour atteindre 2,96 millions d'unités.
L'entreprise a retourné 316,5 millions de dollars aux actionnaires en 2024, dont 206,1 millions de dollars par le biais de rachats d'actions et 110,4 millions de dollars en dividendes. Pour 2025, Gentex prévoit des revenus compris entre 2,40 et 2,45 milliards de dollars, avec des marges brutes de 33,5 % à 34,5 %, visant un objectif d'environ 35 % de marge brute d'ici la fin de l'année.
Gentex (NASDAQ: GNTX) hat die Finanzzahlen für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Die Nettoumsätze im Q4 sind um 8% auf 541,6 Millionen Dollar gesunken, wobei die Bruttomarge von 34,5% auf 32,5% im Jahresvergleich gefallen ist. Der Nettogewinn im Q4 betrug 87,7 Millionen Dollar mit einem Gewinn pro Aktie (EPS) von 0,39 Dollar.
Für das Gesamtjahr 2024 erzielte das Unternehmen Rekordnettoumsätze von 2,31 Milliarden Dollar, ein Anstieg von 1% im Vergleich zu 2023, trotz eines Rückgangs der Produktion von Leichtfahrzeugen um 4% in den Hauptmärkten. Der Nettogewinn für das Gesamtjahr betrug 404,5 Millionen Dollar mit einem EPS von 1,76 Dollar. Die Auslieferungen von Full Display Mirror stiegen um 21% auf 2,96 Millionen Einheiten.
Das Unternehmen gab 316,5 Millionen Dollar an die Aktionäre im Jahr 2024 zurück, darunter 206,1 Millionen Dollar für Aktienrückkäufe und 110,4 Millionen Dollar für Dividenden. Für 2025 prognostiziert Gentex Umsätze zwischen 2,40 und 2,45 Milliarden Dollar mit Bruttomargen von 33,5% bis 34,5% und strebt bis Ende des Jahres einen Bruttomargin von etwa 35% an.
- Record annual sales of $2.31B in 2024
- 21% increase in Full Display Mirror shipments to 2.96M units
- 23% increase in cash returned to shareholders ($316.5M)
- Projected 7% market outgrowth for 2025
- Q4 net sales decreased 8% YoY to $541.6M
- Q4 gross margin declined to 32.5% from 34.5% YoY
- Q4 operating expenses increased 22%
- Full-year EPS decreased to $1.76 from $1.84 in 2023
Insights
GNTX demonstrated remarkable market outperformance in 2024, achieving record annual sales of
Q4 results reveal near-term challenges with revenue declining
The 2025 outlook demonstrates management's confidence in continued market outperformance, with revenue guidance of
ZEELAND, Mich., Jan. 31, 2025 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies, today reported financial results for the fourth quarter and calendar year ended December 31, 2024.
Fourth Quarter and Calendar Year 2024 Highlights:
- Fourth Quarter 2024
- Net sales of
$541.6 million - Gross profit margin of
32.5% - Income from operations of
$89.8 million - Net income of
$87.7 million - Earnings per diluted share of
$0.39
- Net sales of
- Calendar Year 2024
- Net sales of
$2.31 billion , a new annual sales record - Gross profit margin of
33.3% - Net income of
$404.5 million - Earnings per diluted share of
$1.76 - Full Display Mirror® ("FDM") unit shipments of 2.96 million, a
21% increase compared to calendar year 2023 - Cash returned to shareholders of
$316.5 million, a23% increase compared to calendar year 2023$206.1 million in share repurchases (6.4 million shares)$110.4 million in dividends
- Net sales of
Fourth Quarter 2024
For the fourth quarter of 2024, the Company reported net sales of
The gross margin in the fourth quarter of 2024 was
Operating expenses during the fourth quarter of 2024 were up
Income from operations for the fourth quarter of 2024 was
During the fourth quarter of 2024, the Company had an effective tax rate of
In the fourth quarter of 2024, net income was
Earnings per diluted share in the fourth quarter of 2024 were
Calendar Year 2024
For calendar year 2024, the Company’s net sales were
For calendar year 2024, the gross margin was
For calendar year 2024, operating expenses increased
For calendar year 2024, the Company's effective tax rate was
Net income for calendar year 2024 was
Earnings per diluted share for calendar year 2024 were
Segment Sales
Automotive net sales during the fourth quarter of 2024 were
Other net sales in the fourth quarter of 2024, which includes dimmable aircraft windows, fire protection products and medical products, were
Share Repurchases
The Company repurchased 603,396 shares of its common stock during the fourth quarter of 2024, at an average price of
Future Estimates
The Company’s current forecasts for light vehicle production for calendar year 2025 and 2026 are based on the S&P Global Mobility mid-January 2025 forecast for light vehicle production in North America, Europe, Japan/Korea, and China and are detailed in the table below. Additionally, the Company's guidance included herein exclude any impact from the Company's pending acquisition of VOXX International Corporation ("VOXX"), which remains subject to certain regulatory and VOXX shareholder approvals.
Based on the following light vehicle production forecasts for 2025 and 2026, the Company is providing certain annual guidance for 2025 and revenue guidance for 2026:
| Light Vehicle Production (per S&P Global Mobility mid-January light vehicle production forecast) | ||||||||||
| (in Millions) | ||||||||||
| Region | Calendar Year 2026 | Calendar Year 2025 | Calendar Year 2024 | 2026 vs. 2025 % Change | 2025 vs. 2024 % Change | |||||
| North America | 15.4 | 15.1 | 15.5 | 2 | % | (3 | )% | |||
| Europe | 17.0 | 16.6 | 17.1 | 2 | % | (3 | )% | |||
| Japan and Korea | 11.6 | 11.9 | 12.0 | (3 | )% | (1 | )% | |||
| China | 31.0 | 30.2 | 30.1 | 3 | % | — | % | |||
| Total Light Vehicle Production | 75.0 | 73.8 | 74.7 | 2 | % | (1 | )% | |||
| 2025 Guidance | |
| Revenue | |
| Gross Margin | |
| Operating Expenses (E,R&D and S,G&A) | |
| Estimated Annual Tax Rate | |
| Capital Expenditures | |
| Depreciation & Amortization | |
Additionally, based on the mid-January 2025 S&P Global Mobility light vehicle production forecast, as well as the Company's estimates for aerospace, medical, and fire protection products, the Company currently expects calendar year 2026 revenue to be between
"Despite the industry’s optimism at the beginning of the year, calendar year 2024 brought a challenging operating environment for much of the year, driven by lower-than-expected light vehicle production in our primary markets. Despite these challenges, the Company has been able to continue outperforming the underlying market and create year-over-year growth. These headwinds significantly impacted our overall revenue estimates, which makes margin expansion very difficult. Despite this, the team’s work and focus on margin improvement allowed us to make a modest year-over-year improvement in gross margin as well. As we look into 2025, light vehicle production estimates indicate that our largest markets are poised to shrink even more. However, even in the face of a smaller end market, we are forecasting revenue growth in 2025, that at mid-point of revenue guidance suggests a
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “hope,” “intend,” "likely", “may,” “opinion,” “optimistic,” “plan,” “poised,” “predict,” “project,” “should,” “strategy,” “target,” “will,” "work to," and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control, and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions, including the impact of inflation; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers and suppliers; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); changes in product mix; raw material and other supply shortages; labor shortages, supply chain constraints and disruptions; our dependence on information systems; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigation including securities litigation relating to the conduct of our business; and force majeure events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the heading “Risk Factors” in the Company’s latest Form 10-K and Form 10-Q filed with the SEC, which risks and uncertainties include supply chain constraints that have affected, are affecting, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by S&P Global Mobility Light Vehicle Production Forecast of January 16, 2025 (http://www.gentex.com/forecast-disclaimer).
Fourth Quarter Conference Call
A conference call related to this news release will be simulcast live on the Internet beginning at 9:30 a.m. ET today, January 31, 2025. Participants who wish to ask questions may register for the call at https://register.vevent.com/register/BI2be277eaaa904858bc4ebde90c1fe1f9 to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that participants join 10 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call. Participants may listen to the call via audio streaming at https://edge.media-server.com/mmc/p/fasubkb7. A webcast replay will be available approximately 24 hours after the conclusion of the call at http://ir.gentex.com/events-and-presentations/upcoming-past-events.
About the Company
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies. Visit the Company’s web site at www.gentex.com.
Contact Information:
Gentex Investor & Media Contact
Josh O'Berski
616.931.3505
| GENTEX CORPORATION AUTO-DIMMING MIRROR SHIPMENTS (Thousands) | |||||||||||||||||
| Three Months Ended December 31, | Twelve Months ended December 31, | ||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||
| North American Interior Mirrors | 2,004 | 2,068 | (3 | )% | 8,903 | 9,213 | (3 | )% | |||||||||
| North American Exterior Mirrors | 1,434 | 1,769 | (19 | )% | 6,292 | 6,781 | (7 | )% | |||||||||
| Total North American Mirror Units | 3,438 | 3,837 | (10 | )% | 15,195 | 15,994 | (5 | )% | |||||||||
| International Interior Mirrors | 4,683 | 5,410 | (13 | )% | 20,996 | 22,554 | (7 | )% | |||||||||
| International Exterior Mirrors | 2,656 | 3,109 | (15 | )% | 11,464 | 12,047 | (5 | )% | |||||||||
| Total International Mirror Units | 7,339 | 8,519 | (14 | )% | 32,460 | 34,602 | (6 | )% | |||||||||
| Total Interior Mirrors | 6,688 | 7,478 | (11 | )% | 29,899 | 31,767 | (6 | )% | |||||||||
| Total Exterior Mirrors | 4,090 | 4,878 | (16 | )% | 17,755 | 18,828 | (6 | )% | |||||||||
| Total Auto-Dimming Mirror Units | 10,777 | 12,356 | (13 | )% | 47,654 | 50,595 | (6 | )% | |||||||||
Note: Percent change and amounts may not total due to rounding.
| GENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net Sales | $ | 541,637,568 | $ | 589,132,396 | $ | 2,313,314,333 | $ | 2,299,215,044 | |||||||
| Cost of Goods Sold | 365,411,929 | 385,763,291 | 1,542,224,143 | 1,536,585,036 | |||||||||||
| Gross profit | 176,225,639 | 203,369,105 | 771,090,190 | 762,630,008 | |||||||||||
| Engineering, Research & Development | 47,063,273 | 41,534,646 | 181,475,221 | 154,359,700 | |||||||||||
| Selling, General & Administrative | 30,529,575 | 29,059,971 | 121,023,692 | 112,539,255 | |||||||||||
| Impairment Expense | 8,864,704 | — | 8,864,704 | — | |||||||||||
| Income from operations | 89,768,087 | 132,774,488 | 459,726,573 | 495,731,053 | |||||||||||
| Other Income | 8,011,340 | 3,127,638 | 12,487,110 | 9,250,121 | |||||||||||
| Income before Income Taxes | 97,779,427 | 135,902,126 | 472,213,683 | 504,981,174 | |||||||||||
| Provision for Income Taxes | 10,111,877 | 18,957,931 | 67,725,940 | 76,577,902 | |||||||||||
| Net Income | $ | 87,667,550 | $ | 116,944,195 | $ | 404,487,743 | $ | 428,403,272 | |||||||
| Earnings Per Share(1) | |||||||||||||||
| Basic | $ | 0.39 | $ | 0.50 | $ | 1.77 | $ | 1.84 | |||||||
| Diluted | $ | 0.39 | $ | 0.50 | $ | 1.76 | $ | 1.84 | |||||||
| Cash Dividends Declared per Share | $ | 0.12 | $ | 0.12 | $ | 0.480 | $ | 0.480 | |||||||
| (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards | |||||||||||||||
| GENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Cash and Cash Equivalents | $ | 233,318,766 | $ | 226,435,019 | |||
| Short-Term Investments | 22,304,829 | 14,356,476 | |||||
| Accounts Receivable, net | 295,344,353 | 321,809,868 | |||||
| Inventories | 436,497,445 | 402,473,028 | |||||
| Other Current Assets | 49,862,777 | 32,663,762 | |||||
| Total Current Assets | 1,037,328,170 | 997,738,153 | |||||
| Plant and Equipment - Net | 728,481,467 | 652,877,672 | |||||
| Goodwill | 340,668,927 | 340,105,631 | |||||
| Long-Term Investments | 339,604,044 | 299,080,876 | |||||
| Intangible Assets | 195,157,160 | 214,005,910 | |||||
| Deferred Tax Asset | 53,154,832 | 41,113,759 | |||||
| Patents and Other Assets | 66,426,375 | 66,515,551 | |||||
| Total Other Assets | 995,011,338 | 960,821,727 | |||||
| Total Assets | $ | 2,760,820,975 | $ | 2,611,437,552 | |||
| LIABILITIES AND SHAREHOLDERS' INVESTMENT | |||||||
| Current Liabilities | $ | 252,692,676 | $ | 271,608,976 | |||
| Other Non-current Liabilities | 36,028,644 | 27,311,507 | |||||
| Shareholders' Investment | 2,472,099,655 | 2,312,517,069 | |||||
| Total Liabilities & Shareholders' Investment | $ | 2,760,820,975 | $ | 2,611,437,552 | |||
This press release was published by a CLEAR® Verified individual.
FAQ
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