Loading...
•
Mar 31, 2023
Gentex Q1 2023 Earnings Report
Gentex reported record quarterly sales and increased net income, driven by improved light vehicle production and strong product demand.
Key Takeaways
Gentex Corporation reported a record quarterly sales of $550.8 million, an 18% increase compared to Q1 2022. Net income increased by 11% to $97.6 million, with earnings per diluted share rising to $0.42, a 14% increase.
Net sales reached a record $550.8 million, up 18% year-over-year.
Gross profit margin increased to 31.7%, a 50 basis point increase from Q4 2022.
Net income rose to $97.6 million, an 11% increase year-over-year.
Earnings per diluted share increased to $0.42, a 14% increase year-over-year.
Gentex
Gentex
Forward Guidance
The Company is maintaining its previously provided guidance for calendar year 2023, with expected revenue of approximately $2.2 billion and a gross margin between 32% and 33%. They anticipate revenue growth of approximately 10% above the 2023 revenue guidance for calendar year 2024.
Positive Outlook
- Light vehicle production is expected to increase 14% for Q2 2023.
- Light vehicle production is forecasted to increase 4% for calendar year 2023.
- Strong product demand is expected to continue.
- Focus on labor challenges has resulted in employment growth.
- Company expects revenue growth of approximately 10% in 2024 compared to 2023.
Challenges Ahead
- Uncertainty in pricing negotiations with customers and suppliers.
- Risk of loss of business from increased competition.
- Potential for raw material and other supply shortages.
- Possibility of labor shortages and supply chain disruptions.
- Unfavorable fluctuations in currencies or interest rates in regions of operation.