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Gentex Reports Second Quarter 2024 Financial Results

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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 (NASDAQ: GNTX) ha riportato i risultati finanziari per il secondo trimestre del 2024. I punti salienti includono:

  • Vendite nette di 572,9 milioni di dollari, in calo rispetto ai 583,5 milioni di dollari del secondo trimestre del 2023
  • Margine di profitto lordo del 32,9%, leggermente inferiore al 33,1% del secondo trimestre del 2023
  • Utile netto di 86,0 milioni di dollari, rispetto ai 109,2 milioni di dollari del secondo trimestre del 2023
  • Earnings per share (EPS) diluiti di 0,37 dollari, in calo rispetto ai 0,47 dollari del secondo trimestre del 2023

L'azienda ha affrontato sfide a causa della debole produzione di veicoli leggeri nei mercati principali, con le vendite di giugno significativamente al di sotto delle previsioni. Gentex ha aggiornato le previsioni di fatturato per il 2024 a 2,40 - 2,50 miliardi di dollari e il margine lordo al 34% - 34,5%. Nonostante le difficoltà, l'azienda continua a essere sulla buona strada per raggiungere un fatturato record nel 2024 e nel 2025.

Gentex (NASDAQ: GNTX) reportó sus resultados financieros del segundo trimestre de 2024. Los puntos clave incluyen:

  • Ventas netas de 572,9 millones de dólares, en comparación con los 583,5 millones de dólares del segundo trimestre de 2023
  • Margen de beneficio bruto del 32,9%, ligeramente inferior al 33,1% del segundo trimestre de 2023
  • Ingreso neto de 86,0 millones de dólares, en comparación con los 109,2 millones de dólares del segundo trimestre de 2023
  • Utilidad por acción diluida de 0,37 dólares, frente a los 0,47 dólares del segundo trimestre de 2023

La compañía enfrentó desafíos debido a la reducción en la producción de vehículos ligeros en los mercados principales, con las ventas de junio significativamente por debajo de las proyecciones. Gentex actualizó su guía de ingresos para 2024 a 2,40 - 2,50 mil millones de dólares y el margen bruto al 34% - 34,5%. A pesar de los contratiempos, la empresa se mantiene en camino de alcanzar un récord de ingresos en 2024 y 2025.

Gentex (NASDAQ: GNTX)는 2024년 2분기 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:

  • 순매출 5억 7,290만 달러, 2023년 2분기의 5억 8,350만 달러에서 감소
  • 총이익률 32.9%, 2023년 2분기의 33.1%보다 약간 낮음
  • 순이익 8,600만 달러, 2023년 2분기의 1억 920만 달러와 비교
  • 희석주당순이익(EPS) 0.37달러, 2023년 2분기의 0.47달러에서 감소

회사는 주요 시장에서의 경차 생산 감소로 인해 어려움에 직면했으며, 6월 매출은 예상을 크게 밑돌았습니다. Gentex는 2024년 수익 가이드를 24억 - 25억 달러, 총 이익률을 34% - 34.5%로 업데이트했습니다. 어려움에도 불구하고, 이 회사는 2024년과 2025년에 기록적인 수익을 달성할 것으로 기대하고 있습니다.

Gentex (NASDAQ: GNTX) a publié ses résultats financiers pour le deuxième trimestre 2024. Les points saillants incluent :

  • Ventes nettes de 572,9 millions de dollars, en baisse par rapport à 583,5 millions de dollars au deuxième trimestre 2023
  • Marge bénéficiaire brute de 32,9%, légèrement inférieure à 33,1% au deuxième trimestre 2023
  • Bénéfice net de 86,0 millions de dollars, comparé à 109,2 millions de dollars au deuxième trimestre 2023
  • Bénéfice par action diluée de 0,37 dollar, en baisse par rapport à 0,47 dollar au deuxième trimestre 2023

La société a été confrontée à des défis en raison de l'affaiblissement de la production de véhicules légers sur les principaux marchés, les ventes de juin étant bien en dessous des prévisions. Gentex a mis à jour son estimation de revenus pour 2024 à 2,40 - 2,50 milliards de dollars et la marge brute à 34% - 34,5%. Malgré ces revers, l'entreprise reste sur la bonne voie pour atteindre des revenus records en 2024 et 2025.

Gentex (NASDAQ: GNTX) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Wichtige Highlights sind:

  • Nettoverkaufszahlen von 572,9 Millionen Dollar, ein Rückgang von 583,5 Millionen Dollar im zweiten Quartal 2023
  • Bruttogewinnmarge von 32,9%, leicht unter den 33,1% im zweiten Quartal 2023
  • Nettoeinkommen von 86,0 Millionen Dollar, verglichen mit 109,2 Millionen Dollar im zweiten Quartal 2023
  • Gewinn pro verwässertem Anteil von 0,37 Dollar, ein Rückgang von 0,47 Dollar im zweiten Quartal 2023

Das Unternehmen sah sich Herausforderungen durch die schwache Produktion leichter Fahrzeuge in den wichtigsten Märkten gegenüber, wobei die Verkaufszahlen im Juni deutlich unter den Prognosen lagen. Gentex hat seine Umsatzprognose für 2024 auf 2,40 - 2,50 Milliarden Dollar und die Bruttomarge auf 34% - 34,5% aktualisiert. Trotz der Rückschläge bleibt das Unternehmen auf Kurs, um 2024 und 2025 Rekordumsätze zu erzielen.

Positive
  • Company remains on pace for record revenue in 2024 and 2025
  • Effective tax rate of 15.1% in Q2 2024, driven by foreign derived intangible income deduction
  • Other net sales increased to $13.6 million from $9.4 million in Q2 2023
  • Dimmable aircraft window sales increased by $2.9 million in Q2 2024 compared to Q2 2023
Negative
  • Net sales decreased to $572.9 million from $583.5 million in Q2 2023
  • Gross profit margin declined to 32.9% from 33.1% in Q2 2023
  • Net income decreased to $86.0 million from $109.2 million in Q2 2023
  • Earnings per diluted share dropped to $0.37 from $0.47 in Q2 2023
  • Auto-dimming mirror unit shipments decreased by 6% in Q2 2024 compared to Q2 2023
  • Other Income swung to a loss of $13.5 million in Q2 2024, compared to income of $1.3 million in Q2 2023
  • Company lowered 2024 revenue guidance to $2.40 - $2.50 billion from previous $2.45 - $2.55 billion

Insights

Gentex 's Q2 2024 results reveal some concerning trends for investors. Net sales declined to $572.9 million from $583.5 million in Q2 2023, falling short of forecasts by approximately $50 million. This 1.8% year-over-year revenue decrease is particularly worrying given the company's historical growth trajectory.

The gross profit margin slightly contracted to 32.9% from 33.1% in Q2 2023. This compression, albeit small, indicates challenges in maintaining profitability amidst weakening demand and unfavorable product mix. The company's inability to fully offset these headwinds with cost reductions is a point of concern.

Net income saw a significant drop to $86.0 million from $109.2 million in Q2 2023, a 21.2% decrease. This substantial decline in profitability is alarming and suggests that Gentex is struggling to maintain its bottom line in the face of industry headwinds.

The company's auto-dimming mirror unit shipments decreased by 6%, outpacing the 3% decline in light vehicle production in key markets. This could indicate a loss of market share or a shift in customer preferences, both of which would be concerning for long-term growth prospects.

While the company maintains its commitment to share repurchases and R&D investments, the revised guidance for 2024 and 2025 suggests a more cautious outlook. Investors should closely monitor Gentex's ability to navigate these challenges and return to its historical growth trajectory.

The Q2 2024 results from Gentex offer valuable insights into broader automotive industry trends. The 3% decline in light vehicle production across North America, Europe and Japan/Korea signals ongoing challenges in the global automotive market. This downturn is likely driven by a combination of factors including supply chain disruptions, economic uncertainties and shifting consumer preferences.

Gentex's performance relative to the market is particularly telling. While light vehicle production declined 3%, Gentex's auto-dimming mirror unit shipments fell by 6%. This discrepancy could indicate either a loss of market share or a shift in the types of vehicles being produced, potentially favoring lower-end models that may not include Gentex's premium products.

The company's revised guidance for 2024 and 2025, while still projecting growth, reflects a more cautious outlook on the industry's recovery. This aligns with the updated S&P Global Mobility forecast, which now predicts a 2% decline in light vehicle production for 2024 compared to 2023.

Interestingly, Gentex's non-automotive segments showed strength, with dimmable aircraft window sales increasing by $2.9 million and fire protection sales up by $1.3 million. This diversification could provide some buffer against automotive market volatility, though these segments remain a small portion of overall revenue.

The market's reaction to these results and revised forecasts will be important to watch, as it may signal broader investor sentiment towards the automotive supplier industry and expectations for the sector's near-term performance.

ZEELAND, Mich., July 26, 2024 (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 three and six months ended June 30, 2024.

2nd Quarter 2024 Summary

  • Net sales of $572.9 million
  • Gross profit margin of 32.9%
  • Income from operations of $114.9 million
  • Net income of $86.0 million
  • Earnings per diluted share of $0.37

For the second quarter of 2024, the Company reported net sales of $572.9 million, compared to net sales of $583.5 million in the second quarter of 2023. For the second quarter of 2024, light vehicle production in North America, Europe and Japan/Korea declined by 3%, compared to the second quarter of 2023. "During the second quarter of 2024, light vehicle production weakened in most of our primary markets. In fact, the quarter began with sales coming close to forecast for both April and May, but then saw a significant change in June that left us well below our forecast for the quarter.   In total, the Company's revenue for the second quarter of 2024 fell short of our beginning of quarter forecast by approximately $50 million, with the biggest impact coming from expected shipments to some of our largest customers,” said Gentex President and CEO, Steve Downing. “As we look to the second half of 2024, light vehicle production forecasts continue to show weakness versus prior year performance, but we expect to return to meaningful outgrowth versus the underlying market in the second half of this year,” commented Downing.  

For the second quarter of 2024, the gross margin was 32.9%, compared to a gross margin of 33.1% for the second quarter of 2023. The second quarter of 2024 gross margin was primarily impacted by sales levels that were well below our forecast for the quarter and slightly lower than prior year levels. Additionally, unfavorable product mix resulted from the lower than expected shipment levels, with full display mirror unit shipments and exterior mirror unit shipments being the most effected. “Unfortunately, the lower sales levels and weak product mix more than offset the positive impact of purchasing cost reductions for the quarter. While our material cost reductions are in-line with our estimates for 2024, our gross margin recovery plan for this year is partially dependent on sales growth and product mix improvements that did not materialize during the second quarter” commented Downing. “Given our historical contribution margins on incremental sales, we believe that our gross margins would have been in line with our overall plan for 2024 had revenue been close to our forecast. Overall, we are very pleased with our progress on the margin recovery plan that we estimated would take until the end of 2024 to complete. While the gross margin for the second quarter did not meet our expectations, we continue to believe we have the right plan and team to execute our full gross margin recovery plan,” said Downing.

Operating expenses during the second quarter of 2024 increased by 12% to $73.7 million, compared to operating expenses of $65.8 million in the second quarter of 2023. Operating expenses increased quarter over quarter primarily due to staffing and engineering related professional fees. “Our operating expenses are trending in line with our expectations for the full year, with increases primarily focused on R&D and launches of new programs and products. Operating expenses, especially R&D expenses, are expected to continue at the current pace for the rest of this year, as we continue to invest in innovative products and technologies, new business awards, and VA/VE initiatives for cost optimization of our bill of materials,” said Downing.

Income from operations for the second quarter of 2024 was $114.9 million, compared to income from operations of $127.3 million for the second quarter of 2023.

Other Income swung to a loss of $13.5 million during the second quarter of 2024, compared to income of $1.3 million in the second quarter of 2023. The change was primarily driven by non-cash losses of $18.3 million resulting from mark-to-market adjustments and other market adjustments of certain holdings within the Company's tech investment portfolio, which were partially offset by interest income.

During the second quarter of 2024, the Company had an effective tax rate of 15.1%, which was primarily driven by the benefit of the foreign derived intangible income deduction.

Net income for the second quarter of 2024 was $86.0 million, compared to net income of $109.2 million for the second quarter of 2023. The decrease in net income for the second quarter was driven by the lower net sales and income from operations compared to the second quarter of 2023 as well as the previously mentioned changes in other income.

Earnings per diluted share for the second quarter of 2024 were $0.37, compared to earnings per diluted share of $0.47 for the second quarter of 2023. Earnings per diluted share for the second quarter of 2024 were impacted by the lower net sales and operating income as well as the previously mentioned changes in Other Income for the quarter.

Automotive net sales in the second quarter of 2024 were $559.3 million compared to $574.1 million in the second quarter of 2023. Auto-dimming mirror unit shipments decreased by 6% during the second quarter of 2024, compared to the second quarter of 2023.

Other net sales in the second quarter of 2024, which includes dimmable aircraft windows and fire protection products, were $13.6 million, compared to other net sales of $9.4 million in the second quarter of 2023. Fire protection sales increased by $1.3 million for the second quarter of 2024, compared to the second quarter of 2023. Dimmable aircraft window sales increased by $2.9 million for the second quarter of 2024, compared to the second quarter of 2023.

Share Repurchases
During the second quarter of 2024, the Company repurchased 1.4 million shares of its common stock at an average price of $34.43 per share. As of June 30, 2024, the Company has approximately 13.2 million shares remaining available for repurchase pursuant to its previously announced share repurchase plan. The Company intends to continue to repurchase additional shares of its common stock in the future in support of the previously disclosed capital allocation strategy, but share repurchases will vary from time to time and will take into account macroeconomic issues, market trends, and other factors that the Company deems appropriate.

Future Estimates
The Company’s current forecasts for light vehicle production for the third quarter of 2024, and full years 2024 and 2025, are based on the mid-July 2024 S&P Global Mobility forecast for light vehicle production in North America, Europe, Japan/Korea, and China. Light vehicle production in these markets is expected to decrease by approximately 5% for the third quarter of 2024, versus the same quarter in 2023.   For calendar year 2024, light vehicle production in these markets is now forecasted to decline approximately 2% when compared with light vehicle production in calendar year 2023.   Light vehicle production for calendar year 2025 is forecasted to increase by 2% versus the calendar year 2024 forecast in these markets. Third quarter 2024 and calendar years 2024 and 2025 forecasted vehicle production volumes from S&P Global Mobility are shown below:

Light Vehicle Production (per S&P Global Mobility mid-July light vehicle production forecast)
(in Millions)
RegionQ3 2024Q3 2023% Change Calendar Year 2025Calendar Year 2024Calendar Year 2023 2025 vs 2024
% Change
2024 vs 2023
% Change
North America3.853.94(2)% 15.9415.7715.68 1%1%
Europe3.723.94(6)% 17.2617.1417.97 1%(5)%
Japan and Korea3.073.13(2)% 12.0512.1212.80 (1)%(5)%
China7.097.56(6)% 30.6229.0629.04 5%%
Total Light Vehicle Production17.7318.57(5)% 75.8774.0975.49 2%(2)%


Based on this light vehicle production forecast and actual results for the first six months of 2024, the Company is making certain changes to its previously provided guidance for calendar year 2024 as shown in the table below.

2024 Annual Guidance
 Original GuidanceAs of July 26, 2024
Revenue$2.45 - $2.55 billion$2.40 - $2.50 billion
Gross Margin34% - 35%34% - 34.5%
Operating Expenses$295 -$305 million$295 -$305 million
Tax Rate16% - 18%15% - 16%
Capital Expenditures$225 - $250 million$175 - $200 million
Depreciation & Amortization$95 - $105 million$95 - $100 million


Additionally, based on the Company’s updated forecast for light vehicle production for calendar year 2025 as well as year to date actual results for calendar year 2024, the Company is updating calendar year 2025 revenue estimates to approximately $2.6 - $2.7 billion.

"The Company continues to be on pace for record revenue in 2024 and 2025, despite the recent changes to the light vehicle production environment, vehicle mix and regional mix that impacted our performance in the second quarter.   Additionally, tremendous work has been accomplished on our gross margin improvement plan despite the temporary step back during the second quarter of this year.   We fully expect to achieve our ultimate goal of a 35 – 36% margin for the Company, even if there is a slight delay in achieving those results. Given the market conditions, we have adjusted our estimates for 2024 and for 2025, based on the impact of the second quarter of this year, but we continue to forecast strong growth and profitability as we head into the second half of this year and prepare for 2025,” concluded Downing.

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 July 17, 2024 (http://www.gentex.com/forecast-disclaimer).

Second 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, July 26, 2024. Participants who wish to ask questions may register for the call at https://register.vevent.com/register/BIf7fb8a2d1c3548749b75c0f597d02049 to receive the dial-in numbers and unique PIN to access the call. 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 https://edge.media-server.com/mmc/p/h6z9zkf5/. 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)772-1590 x5814

 
GENTEX CORPORATION
AUTO-DIMMING MIRROR SHIPMENTS
(Thousands)
 
 Three Months Ended June 30, Six Months Ended June 30,
 2024 2023 % Change 2024 2023 % Change
North American Interior Mirrors2,346 2,399 (2)% 4,608 4,825 (4)%
North American Exterior Mirrors1,705 1,800 (5)% 3,326 3,419 (3)%
Total North American Mirror Units4,051 4,199 (4)% 7,934 8,244 (4)%
International Interior Mirrors5,189 5,620 (8)% 10,744 11,391 (6)%
International Exterior Mirrors2,944 3,102 (5)% 5,978 6,003 %
Total International Mirror Units8,133 8,722 (7)% 16,721 17,394 (4)%
Total Interior Mirrors7,535 8,019 (6)% 15,352 16,216 (5)%
Total Exterior Mirrors4,649 4,902 (5)% 9,304 9,422 (1)%
Total Auto-Dimming Mirror Units12,184 12,921 (6)% 24,655 25,638 (4)%
            

  Note: Percent change and amounts may not total due to rounding.

 
GENTEX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
 (Unaudited) (Unaudited)
 Three Months Ended June 30, Six Months Ended June 30,
  2024   2023  2024   2023
Net Sales$572,925,778  $583,472,846 $1,163,150,989  $1,134,234,157
        
Cost of Goods Sold 384,362,469   390,389,807  772,350,073   766,413,887
Gross Profit 188,563,309   193,083,039  390,800,916   367,820,270
        
Engineering, Research & Development 44,003,994   37,973,790  86,185,980   72,627,537
Selling, General & Administrative 29,675,293   27,819,861  60,384,602   54,652,698
Operating Expenses 73,679,287   65,793,651  146,570,582   127,280,235
        
Income from Operations 114,884,022   127,289,388  244,230,334   240,540,035
        
Other Income/(Loss) (13,553,043)  1,314,396  (15,251,428)  4,058,851
Income before Income Taxes 101,330,979   128,603,784  228,978,906   244,598,886
        
Provision for Income Taxes 15,290,541   19,448,381  34,707,753   37,865,222
        
Net Income$86,040,438  $109,155,403 $194,271,153  $206,733,664
        
Earnings Per Share(1)       
Basic$0.37  $0.47 $0.84  $0.88
Diluted$0.37  $0.47 $0.84  $0.88
        
Cash Dividends Declared per Share$0.120  $0.120 $0.240  $0.240
        
(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
 
 June 30, 2024 December 31, 2023
 (Unaudited) (Note)
ASSETS   
Cash and Cash Equivalents$260,241,951 $226,435,019
Short-Term Investments 15,534,338  14,356,476
Accounts Receivable, net 306,565,681  321,809,868
Inventories 463,492,305  402,473,028
Other Current Assets 38,049,578  32,663,762
Total Current Assets 1,083,883,853  997,738,153
    
Plant and Equipment - Net 679,486,957  652,877,672
    
Goodwill 340,105,631  340,105,631
Long-Term Investments 308,051,778  299,080,876
Intangible Assets, net 205,790,910  214,005,910
Patents and Other Assets, net 120,965,933  107,629,310
Total Other Assets 974,914,252  960,821,727
    
Total Assets$2,738,285,062 $2,611,437,552
    
LIABILITIES AND SHAREHOLDERS' INVESTMENT   
Current Liabilities$304,728,500 $271,608,976
Other Non-current Liabilities 33,257,035  27,311,507
Shareholders' Investment 2,400,299,527  2,312,517,069
Total Liabilities & Shareholders' Investment$2,738,285,062 $2,611,437,552


Note: The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.


FAQ

What were Gentex's (GNTX) Q2 2024 net sales?

Gentex (GNTX) reported net sales of $572.9 million for Q2 2024, down from $583.5 million in Q2 2023.

How did Gentex's (GNTX) earnings per share change in Q2 2024 compared to Q2 2023?

Gentex's (GNTX) earnings per diluted share decreased to $0.37 in Q2 2024, compared to $0.47 in Q2 2023.

What is Gentex's (GNTX) updated revenue guidance for 2024?

Gentex (GNTX) updated its 2024 revenue guidance to $2.40 - $2.50 billion, down from the previous guidance of $2.45 - $2.55 billion.

How did Gentex's (GNTX) auto-dimming mirror shipments perform in Q2 2024?

Gentex's (GNTX) auto-dimming mirror unit shipments decreased by 6% in Q2 2024 compared to Q2 2023.

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