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Mar 31, 2024
Gentex Q1 2024 Earnings Report
Gentex reported record quarterly sales and increased profitability.
Key Takeaways
Gentex Corporation reported a record first quarter with net sales of $590.2 million, a 7% increase compared to Q1 2023. The company's gross profit margin increased to 34.3%, and net income rose by 11% to $108.2 million, resulting in earnings per diluted share of $0.47.
Net sales reached a record $590.2 million, a 7% increase year-over-year.
Gross profit margin improved by 260 basis points to 34.3%.
Income from operations increased by 14% to $129.3 million.
Earnings per diluted share rose by 12% to $0.47.
Gentex
Gentex
Gentex Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.comOther Products Revenue
CapyFin.com Forward Guidance
The company is maintaining its previously provided guidance for calendar year 2024, with revenue expected to be between $2.45 and $2.55 billion and gross margin between 34% and 35%. Calendar year 2025 revenue is expected to be approximately $2.65 - $2.75 billion.
Positive Outlook
- Company is on pace for record setting revenue in 2024 and 2025.
- Growth driven by expansion of product content including advanced feature growth and new electronic technologies.
- Product strategy is succeeding with customers and consumers.
- New technologies are beginning to generate revenue and profitability.
- Progress on the path toward improved profitability.
Challenges Ahead
- Light vehicle production weakened in primary markets versus the beginning of quarter forecast.
- Revenue levels were approximately $20 million lower than original expectations for the quarter.
- Operating expenses grew faster than sales for the quarter.
- Gross margin declined slightly from the fourth quarter of last year.
- A tremendous amount of work remains to be done this year as the company execute additional cost improvement initiatives
Revenue & Expenses
Visualization of income flow from segment revenue to net income