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Dec 31, 2024
Gentex Q4 2024 Earnings Report
Gentex reported a decrease in net sales and earnings per share for Q4 2024, impacted by light vehicle production declines and product mix weakness.
Key Takeaways
Gentex Corporation reported a decrease in net sales for the fourth quarter of 2024 to $541.6 million, down 8% compared to the same period in 2023. Earnings per diluted share also decreased to $0.39 from $0.50 year-over-year. The results were impacted by lower light vehicle production and unfavorable product mix, particularly in full display mirror shipments.
Net sales decreased by 8% to $541.6 million due to lower light vehicle production and weaker product mix.
Gross profit margin declined to 32.5% from 34.5% due to lower sales levels and product mix.
Earnings per diluted share decreased to $0.39 from $0.50 year-over-year.
Operating expenses increased by 22% to $86.5 million, including intangible asset impairment charges.
Revenue by Segment
Forward Guidance
The Company provided revenue guidance for 2025 to be between $2.40 and $2.45 billion and revenue guidance for 2026 to be between $2.55 and $2.65 billion.
Positive Outlook
- Revenue growth in 2025, outperforming primary markets by 7%.
- New product and technology launches driving growth.
- Investment in engineering capabilities and new technologies.
- Targeting approximately 35% gross margin by the end of 2025.
- Commitment to developing engineering capabilities and new technologies.
Challenges Ahead
- Challenging operating environment driven by lower light vehicle production.
- Light vehicle production estimates indicate that largest markets are poised to shrink even more.
- Impact from Company’s pending acquisition of VOXX International Corporation
- Macroeconomic issues
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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