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Dec 31, 2021
Gentex Q4 2021 Earnings Report
Gentex's financial performance decreased due to lower revenue and higher costs.
Key Takeaways
Gentex Corporation reported a decrease in net sales and earnings for the fourth quarter of 2021, impacted by a reduction in light vehicle production and electronics component shortages. The company's gross margin was also negatively affected by lower revenue, increased material costs, higher shipping costs, and labor inefficiencies.
Net sales for the fourth quarter were $419.8 million, compared to $529.9 million in the fourth quarter of 2020.
Earnings per diluted share in the fourth quarter of 2021 were $0.35, compared to $0.58 in the fourth quarter of 2020.
Gross margin in the fourth quarter of 2021 was 34.3%, compared to 40.9% in the fourth quarter of 2020.
Automotive net sales during the fourth quarter of 2021 were $409.6 million, compared to $521.6 million in the fourth quarter of 2020.
Gentex
Gentex
Gentex Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.com Forward Guidance
The Company is giving revenue guidance for 2022 and 2023 based on light vehicle production forecasts.
Positive Outlook
- Light vehicle production in North America is expected to increase by 17% in 2022.
- Light vehicle production in Europe is expected to increase by 18% in 2022.
- Light vehicle production in Japan and Korea is expected to increase by 6% in 2022.
- Light vehicle production in China is expected to decrease by 1% in 2022.
- The company currently expects calendar year 2023 revenue growth of approximately 15% - 20% above the 2022 revenue guidance.
Challenges Ahead
- The first half of the year will continue to see headwinds from supply and labor shortages.
- Headwinds will continue to cause some margin compression for 2022 due to higher material, transportation and labor costs.
- Instability in end markets.
- Potential supply issues.
- International trade concerns.