Gentex Reports Third Quarter 2024 Financial Results
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) ha riportato vendite nette record nel terzo trimestre del 2024 pari a 608,5 milioni di dollari, con un aumento del 6% rispetto al terzo trimestre del 2023, nonostante la produzione di veicoli leggeri sia diminuita del 6% nei principali mercati. L’azienda ha raggiunto un margine di profitto lordo del 33,5%, in aumento di 60 punti base rispetto al secondo trimestre del 2024. L'utile netto è aumentato del 17% arrivando a 122,5 milioni di dollari, con un incremento dell'utile per azione diluita del 18%, a 0,53 dollari. Durante il trimestre, l’azienda ha riacquistato 3,2 milioni di azioni. A causa delle condizioni di mercato, Gentex ha rivisto le previsioni di fatturato per il 2024 a 2,35-2,40 miliardi di dollari e ha aggiornato le stime per il fatturato del 2025 a 2,45-2,55 miliardi di dollari.
Gentex (NASDAQ: GNTX) reportó ventas netas récord en el tercer trimestre de 2024 de 608.5 millones de dólares, un incremento del 6% en comparación con el tercer trimestre de 2023, a pesar de una disminución del 6% en la producción de vehículos ligeros en los mercados principales. La compañía logró un margen de beneficio bruto del 33.5%, aumentando en 60 puntos básicos desde el segundo trimestre de 2024. Los ingresos netos aumentaron un 17% a 122.5 millones de dólares, con ganancias por acción diluida subiendo un 18% a 0.53 dólares. Durante el trimestre, la empresa recompró 3.2 millones de acciones. Debido a las condiciones del mercado, Gentex revisó su guía de ingresos para 2024 a 2.35-2.40 mil millones de dólares y actualizó las estimaciones de ingresos para 2025 a 2.45-2.55 mil millones de dólares.
젠텍스 (NASDAQ: GNTX)는 2024년 3분기 순매출이 6억 850만 달러를 기록했다고 발표하며, 이는 2023년 3분기 대비 6% 증가한 수치입니다. 주요 시장에서 경량차 생산이 6% 감소했음에도 불구하고 이루어진 결과입니다. 회사는 총 이익률이 33.5%로, 2024년 2분기보다 60포인트 상승했습니다. 순이익은 17% 증가하여 1억 2250만 달러에 달하며, 희석주당순이익은 18% 올라 0.53 달러로 증가했습니다. 이 분기 동안 회사는 320만 주를 재매입했습니다. 시장 상황에 따라 젠텍스는 2024년 수익 가이던스를 23.5억~24억 달러로, 2025년 수익 추정을 24.5억~25.5억 달러로 수정했습니다.
Gentex (NASDAQ: GNTX) a annoncé des ventes nettes record de 608,5 millions de dollars au troisième trimestre 2024, ce qui représente une augmentation de 6 % par rapport au troisième trimestre 2023, malgré une baisse de 6 % de la production de véhicules légers sur les principaux marchés. La société a atteint une marge bénéficiaire brute de 33,5 %, en hausse de 60 points de base par rapport au deuxième trimestre 2024. Le bénéfice net a augmenté de 17 % pour atteindre 122,5 millions de dollars, avec un bénéfice par action diluée en hausse de 18 % à 0,53 dollar. Au cours du trimestre, l’entreprise a racheté 3,2 millions d’actions. En raison des conditions du marché, Gentex a révisé ses prévisions de revenus pour 2024 à 2,35-2,40 milliards de dollars et a mis à jour ses estimations de revenus pour 2025 à 2,45-2,55 milliards de dollars.
Gentex (NASDAQ: GNTX) berichtete von Rekordnettoverkäufen von 608,5 Millionen US-Dollar im dritten Quartal 2024, was einem Anstieg von 6% im Vergleich zum dritten Quartal 2023 entspricht, obwohl die Produktion leichter Fahrzeuge in den Hauptmärkten um 6% gesunken ist. Das Unternehmen erzielte eine Bruttomarge von 33,5%, was einem Anstieg von 60 Basispunkten gegenüber dem zweiten Quartal 2024 entspricht. Der Nettogewinn stieg um 17% auf 122,5 Millionen US-Dollar, und der Gewinn pro verwässerter Aktie erhöhte sich um 18% auf 0,53 US-Dollar. Im Quartal hat das Unternehmen 3,2 Millionen Aktien zurückgekauft. Aufgrund der Marktbedingungen hat Gentex seine Umsatzprognose für 2024 auf 2,35 bis 2,40 Milliarden US-Dollar revidiert und die Schätzungen für 2025 auf 2,45 bis 2,55 Milliarden US-Dollar aktualisiert.
- Record quarterly sales of $608.5 million, up 6% YoY
- Net income increased 17% to $122.5 million
- EPS grew 18% to $0.53
- Gross margin improved by 60 basis points sequentially
- 12% market outperformance in primary markets
- Light vehicle production declined 6% in primary markets
- Sales shortfall of $25-30 million for the quarter
- Margin recovery target delayed until 2025
- Operating expenses increased 13% YoY
- Auto-dimming mirror unit shipments decreased by 3%
- Downward revision of 2024 revenue guidance
Insights
GNTX delivered a mixed Q3 2024 with several notable highlights.
The revised 2024 guidance reduction reflects ongoing market challenges, with revenue now expected at
The auto supplier's ability to outperform primary markets by
Strategic investments in R&D and new product launches, including the eSight Go medical device line generating initial
ZEELAND, Mich., Oct. 25, 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 nine months ended September 30, 2024.
3rd Quarter 2024 Summary
- Net sales of $608.5 million, a new quarterly sales record, and a
6% increase compared to the third quarter of 2023, versus light vehicle production that was down6% quarter over quarter in the Company's primary markets - Gross profit margin of
33.5% , an increase of 60 basis points from the second quarter of 2024 - Income from operations of
$125.7 million - Net income of $122.5 million, an increase of
17% from the third quarter of 2023 - Earnings per diluted share of
$0.53 , an increase of18% from the third quarter of 2023 - 3.2 million shares repurchased during the quarter
For the third quarter of 2024, the Company reported net sales of
For the third quarter of 2024, the gross margin was
Operating expenses during the third quarter of 2024 increased by
Income from operations for the third quarter of 2024 was
Other income was
During the third quarter of 2024, the Company had an effective tax rate of
Net income for the third quarter of 2024 was
Earnings per diluted share for the third quarter of 2024 were
Automotive net sales in the third quarter of 2024 were
Other net sales in the third quarter of 2024, which includes dimmable aircraft windows and fire protection products, were
Share Repurchases
During the third quarter of 2024, the Company repurchased 3.2 million shares of its common stock at an average price of
Future Estimates
The Company’s current forecasts for light vehicle production for the fourth quarter of 2024 and full years 2024 and 2025, are based on the mid-October 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
| Light Vehicle Production (per S&P Global Mobility mid-October light vehicle production forecast) | |||||||||||||
| (in Millions) | |||||||||||||
| Region | Q42024 | Q4 2023 | % Change | Calendar Year 2025 | Calendar Year 2024 | Calendar Year 2023 | 2025 vs 2024 % Change | 2024 vs 2023 % Change | |||||
| North America | 3.64 | 3.76 | (3 | )% | 15.29 | 15.47 | 15.68 | (1 | )% | (1 | )% | ||
| Europe | 4.24 | 4.66 | (9 | )% | 17.00 | 17.07 | 17.97 | — | % | (5 | )% | ||
| Japan and Korea | 3.20 | 3.38 | (5 | )% | 12.02 | 12.00 | 12.80 | — | % | (6 | )% | ||
| China | 8.69 | 8.81 | (1 | )% | 30.02 | 29.34 | 29.04 | 2 | % | 1 | % | ||
| Total Light Vehicle Production | 19.77 | 20.61 | (4 | )% | 74.33 | 73.88 | 75.49 | 1 | % | (2 | )% | ||
Based on this light vehicle production forecast and actual results for the first nine 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 | ||
| Guidance as of July 26, 2024 | As of October 25, 2024 | |
| Revenue | ||
| Gross Margin | ||
| Operating Expenses | ||
| Tax Rate | ||
| Capital Expenditures | ||
| Depreciation & Amortization | ||
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 the first nine months of 2024, the Company is updating calendar year 2025 revenue estimates to approximately
"The Company continues to be on pace for record revenue in 2024 and 2025, despite significant changes in the light vehicle production environment, vehicle mix and regional mix that have impacted the production landscape. Obviously, the actual and forecasted light vehicle production deterioration has impacted our total revenue estimates for 2024 and 2025, but our
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 October 15, 2024 (http://www.gentex.com/forecast-disclaimer).
Third 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, October 25, 2024. Participants who wish to ask questions may register for the call at https://register.vevent.com/register/BI5c6e81632d434791b1b558bea845af36 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/bpf4ihh4/. 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 September 30, | Nine Months Ended September 30, | ||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||
| North American Interior Mirrors | 2,291 | 2,366 | (3)% | 6,899 | 7,192 | (4)% | |||||
| North American Exterior Mirrors | 1,532 | 1,614 | (5)% | 4,858 | 5,033 | (3)% | |||||
| Total North American Mirror Units | 3,823 | 3,980 | (4)% | 11,757 | 12,224 | (4)% | |||||
| International Interior Mirrors | 5,569 | 5,708 | (2)% | 16,313 | 17,099 | (5)% | |||||
| International Exterior Mirrors | 2,830 | 2,915 | (3)% | 8,808 | 8,918 | (1)% | |||||
| Total International Mirror Units | 8,399 | 8,623 | (3)% | 25,120 | 26,017 | (3)% | |||||
| Total Interior Mirrors | 7,860 | 8,075 | (3)% | 23,211 | 24,291 | (4)% | |||||
| Total Exterior Mirrors | 4,362 | 4,529 | (4)% | 13,665 | 13,950 | (2)% | |||||
| Total Auto-Dimming Mirror Units | 12,221 | 12,604 | (3)% | 36,877 | 38,242 | (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 September 30, | Nine Months Ended September 30, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||
| Net Sales | $ | 608,525,777 | $ | 575,848,490 | $ | 1,771,676,766 | $ | 1,710,082,647 | |||
| Cost of Goods Sold | 404,462,142 | 384,407,857 | 1,176,812,215 | 1,150,821,744 | |||||||
| Gross Profit | 204,063,635 | 191,440,633 | 594,864,551 | 559,260,903 | |||||||
| Engineering, Research & Development | 48,225,968 | 40,197,517 | 134,411,948 | 112,825,054 | |||||||
| Selling, General & Administrative | 30,109,515 | 28,826,587 | 90,494,117 | 83,479,285 | |||||||
| Operating Expenses | 78,335,483 | 69,024,104 | 224,906,065 | 196,304,339 | |||||||
| Income from Operations | 125,728,152 | 122,416,529 | 369,958,486 | 362,956,564 | |||||||
| Other Income/(Loss) | 19,727,198 | 2,063,632 | 4,475,771 | 6,122,483 | |||||||
| Income before Income Taxes | 145,455,350 | 124,480,161 | 374,434,257 | 369,079,047 | |||||||
| Provision for Income Taxes | 22,906,309 | 19,754,749 | 57,614,063 | 57,619,971 | |||||||
| Net Income | $ | 122,549,041 | $ | 104,725,412 | $ | 316,820,194 | $ | 311,459,076 | |||
| Earnings Per Share(1) | |||||||||||
| Basic | $ | 0.54 | $ | 0.45 | $ | 1.38 | $ | 1.33 | |||
| Diluted | $ | 0.53 | $ | 0.45 | $ | 1.38 | $ | 1.33 | |||
| Cash Dividends Declared per Share | $ | 0.120 | $ | 0.120 | $ | 0.360 | $ | 0.360 | |||
| (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 | |||||
| September 30, 2024 | December 31, 2023 | ||||
| (Unaudited) | (Note) | ||||
| ASSETS | |||||
| Cash and Cash Equivalents | $ | 179,639,743 | $ | 226,435,019 | |
| Short-Term Investments | 20,462,581 | 14,356,476 | |||
| Accounts Receivable, net | 356,338,008 | 321,809,868 | |||
| Inventories | 449,311,020 | 402,473,028 | |||
| Other Current Assets | 39,932,866 | 32,663,762 | |||
| Total Current Assets | 1,045,684,218 | 997,738,153 | |||
| Plant and Equipment - Net | 703,583,489 | 652,877,672 | |||
| Goodwill | 340,105,631 | 340,105,631 | |||
| Long-Term Investments | 325,561,578 | 299,080,876 | |||
| Intangible Assets, net | 201,604,035 | 214,005,910 | |||
| Patents and Other Assets, net | 118,757,892 | 107,629,310 | |||
| Total Other Assets | 986,029,136 | 960,821,727 | |||
| Total Assets | $ | 2,735,296,843 | $ | 2,611,437,552 | |
| LIABILITIES AND SHAREHOLDERS' INVESTMENT | |||||
| Current Liabilities | $ | 283,164,653 | $ | 271,608,976 | |
| Other Non-current Liabilities | 34,504,848 | 27,311,507 | |||
| Shareholders' Investment | 2,417,627,342 | 2,312,517,069 | |||
| Total Liabilities & Shareholders' Investment | $ | 2,735,296,843 | $ | 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.
This press release was published by a CLEAR® Verified individual.
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