Gentex Corporation reports record net sales and increased profits in Q3 2024.

From GlobeNewswire: 2024-10-25 08:00:00

Gentex Corporation reported a third quarter net sales record of $608.5 million, a 6% increase from 2023. Gross profit margin was 33.5%, up 60 basis points from the previous quarter. Net income reached $122.5 million, a 17% increase from 2023. Earnings per share were $0.53, up 18% from last year. Over 3 million shares repurchased in the quarter.

Global light vehicle production dropped 5% in Q3 2024 versus Q3 2023. Gentex CEO attributed this to declines in primary markets but outperformed by 12%. Despite sales shortfall, gross margin improved to 33.5% due to higher revenue levels. Operating expenses increased 13% to $78.3 million, primarily in R&D for future launches and new products.

Income from operations in Q3 2024 was $125.7 million, compared to $122.4 million in 2023. A non-cash $14.5 million gain was realized from market adjustments. Net income was $122.5 million, a 17% increase from 2023. Automotive net sales were $596.5 million, with auto-dimming mirror unit shipments down 3%.

During Q3 2024, Gentex repurchased 3.2 million shares of its common stock. The Company intends to continue repurchasing stock to support its capital allocation strategy while taking into account market trends and other factors. Full year forecasts for 2024 and 2025 predict a 6% decline in primary markets for Q4 2024 and a 2% decline for calendar year 2024 in North America, Europe, and Japan/Korea. Calendar year 2025 is predicted to show a 1% increase in production compared to 2024.



Read more at GlobeNewswire:: Gentex Reports Third Quarter 2024 Financial Results