Gentex Corp

Latest Results (14.08.2024):

Net Sales

For the second quarter of 2024, Gentex Corp reported net sales of $572.9 million, a slight decrease from the $583.5 million recorded in the second quarter of 2023. This decline was attributed to a 3% drop in light vehicle production in key markets such as North America, Europe, and Japan/Korea.

Gross Profit Margin

Gentex Corp's gross profit margin for the second quarter of 2024 was 32.9%, slightly down from 33.1% in the same quarter of the previous year. The lower sales levels and an unfavorable product mix, particularly in full display mirror and exterior mirror unit shipments, impacted the gross margin.

Operating Expenses

Operating expenses for Gentex Corp increased by 12% to $73.7 million in the second quarter of 2024, compared to $65.8 million in the second quarter of 2023. The rise in expenses was primarily due to higher staffing and engineering-related professional fees, with a focus on R&D and new product launches.

Net Income

Gentex Corp reported a net income of $86.0 million for the second quarter of 2024, down from $109.2 million in the second quarter of 2023. The decrease was driven by lower net sales, reduced income from operations, and non-cash losses from mark-to-market adjustments in the company's tech investment portfolio.

Future Outlook

Looking ahead, Gentex Corp has adjusted its revenue guidance for the full year 2024 to a range of $2.40 to $2.50 billion, down from the original $2.45 to $2.55 billion. Despite the recent challenges, the company remains optimistic about achieving record revenue in 2024 and 2025, with updated revenue estimates for 2025 set at approximately $2.6 to $2.7 billion.