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Sep 30, 2020
Gentex Q3 2020 Earnings Report
Gentex reported Q3 2020 financial results with net sales of $474.6 million and EPS of $0.48.
Key Takeaways
Gentex Corporation reported net sales of $474.6 million for the third quarter of 2020, a 1% decrease compared to the third quarter of 2019. Earnings per diluted share increased by 9% to $0.48. The company's gross margin improved to 39.7%, and operating income increased by 8% to $138.9 million.
Net sales reached $474.6 million, the second-highest in company history.
Gross margin improved to 39.7%, a 200 basis point increase year-over-year.
Earnings per diluted share increased by 9% to $0.48.
Cash flow from operations was $138.6 million, and 1.2 million shares were repurchased.
Revenue by Segment
Forward Guidance
The Company estimates that net sales for the second half of 2020 will be between $940 million and $960 million. The Company currently estimates that revenue for calendar year 2021 will be approximately 15 - 20% higher than estimated revenue in calendar year 2020.
Positive Outlook
- Net Sales: $940m - $960m (2nd Half 2020)
- Gross Margin: 39% - 40% (2nd Half 2020)
- Tax Rate: 16% - 17% (2nd Half 2020)
- Revenue for calendar year 2021 will be approximately 15 - 20% higher than estimated revenue in calendar year 2020.
- Capital Expenditures: $25m - $30m (2nd Half 2020)
Challenges Ahead
- Light vehicle production in the Company's primary markets are expected to be down 2% for the fourth quarter of 2020 versus the same period last year.
- For calendar year 2020, light vehicle production in the Company's primary markets is expected to be down 16% when compared to calendar year 2019.
- Operating Expenses: $95m - $100m (2nd Half 2020)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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