From GlobeNewswire: 2025-01-31 08:00:00

Gentex Corporation (NASDAQ: GNTX) reported financial results for Q4 and the full year 2024. In Q4, net sales were $541.6 million, with a gross profit margin of 32.5%. For the full year, net sales reached $2.31 billion, a record high, with a gross profit margin of 33.3% and net income of $404.5 million. The company also returned $316.5 million to shareholders.

In Q4 2024, Gentex faced challenges with lower vehicle production in key markets, impacting revenue and gross margin. Despite these factors, the company reported income from operations of $89.8 million. Net income for the quarter was $87.7 million, with earnings per diluted share of $0.39. Operating expenses were up 22% due to increased staffing and engineering costs.

For the full year 2024, Gentex’s net sales were $2.31 billion, a 1% increase from 2023. Gross margin reached 33.3%, with operating expenses totaling $311.4 million, representing a 17% increase. Net income for the year was $404.5 million, with earnings per diluted share of $1.76. The effective tax rate for 2024 was 14.3%.

Automotive net sales in Q4 were $531.3 million, while other net sales, including dimmable aircraft windows and fire protection products, were $10.3 million. For the full year, automotive net sales reached $2.26 billion, with FDM unit shipments increasing by 21%. The company also repurchased 603,396 shares of its common stock in Q4, part of a total of 6.4 million shares repurchased in 2024.

Looking ahead, Gentex provided guidance for 2025 and 2026 based on light vehicle production forecasts. Revenue for 2025 is estimated to be $2.40 – $2.45 billion, with a gross margin between 33.5% – 34.5%. The company expects revenue for 2026 to be between $2.55 and $2.65 billion. Despite challenges in 2024, Gentex remains optimistic about future growth and product launches to outperform the market.



Read more at GlobeNewswire:: Gentex Reports Fourth Quarter and Year End 2024 Financial