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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 Corporation (NASDAQ: GNTX) will announce its first quarter 2023 financial results on April 28, 2023, before market opening. The company, based in Zeeland, Michigan, specializes in digital vision and connected car technologies. A conference call will take place at 9:30 AM ET to discuss the results, with a live audio webcast available to the public. Interested participants can register in advance to ask questions. A replay of the webcast will be accessible about 24 hours after the event. For queries, Gentex's Investor Relations can be contacted at 616-772-1590 x5814.
Gentex Corporation (NASDAQ: GNTX) announced a quarterly cash dividend of $0.12 per share, payable on April 19, 2023. Shareholders of record will be those owning shares at the close of business on April 7, 2023. This dividend underscores Gentex's commitment to returning value to its shareholders as it continues to supply innovative technology solutions in the automotive and aviation sectors.
Gentex Corporation (NASDAQ: GNTX) announced plans to open a new satellite production facility in Grand Rapids, creating 50 jobs. The initiative aims to address local labor shortages and enhance accessibility for potential employees. The facility will focus on producing components for Gentex's HomeLink product and is expected to commence operations in late May. The company also highlighted its commitment to the local community, collaborating with Amplify GR to foster economic growth and job creation. Gentex continues to prioritize employee needs, including launching Spanish-speaking assembly lines and investing in on-site childcare facilities.
Gentex Corporation (NASDAQ: GNTX) will be the presenting sponsor of the 25th Annual Michigan International Auto Show from February 2-5, 2023, in Grand Rapids, Michigan. Known for its electro-optical products for the automotive, aerospace, and fire protection industries, Gentex will showcase its latest technologies at the event. The company will also unveil a new booth featuring digital vision and connectivity products. Additionally, Gentex plans to recruit new employees during the show, emphasizing its significant presence in the local job market and commitment to community engagement while supporting the charity work of the Helen DeVos Children’s Hospital.
Gentex Corporation (NASDAQ: GNTX) reported robust financial results for Q4 and full year 2022, with net sales reaching $493.6 million in Q4, a growth of 18% year-over-year. The calendar year saw net sales hit a record $1.92 billion, increasing 11% compared to 2021, despite only a 3% rise in light vehicle production in key markets. Earnings per diluted share for 2022 were $1.36, a decline from $1.50 in 2021. Operating expenses rose by 14% to $239.8 million. The company expects revenue for 2023 around $2.2 billion, with gross margins improving to 32-33%. Challenges from supply chain and labor costs persist, but management anticipates better margin recovery in the coming years.
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