Gentex Q2 Results Top Estimates; Updates Outlook; Stock Up In Premarket

Gentex Corp. (GNTX), a supplier of digital vision, connected car, dimmable glass and fire protection technologies, reported Friday that its second-quarter net income was $109.2 million, a 51 percent increase from last year’s $72.4 million.

Earnings per share were $0.47, a 52 percent increase from $0.31 a year ago.

On average, eight analysts polled by Thomson Reuters expected earnings of $0.41 per share for the quarter. Analysts’ estimates typically exclude special items.

Net sales were $583.47 million, a 26 percent increase compared to net sales of $463.42 million in the second quarter of 2022. Analysts expected sales of $554.56 million for the quarter.

Unit shipments of 12.9 million grew 21 percent from the prior year.

Based on its light vehicle production forecast, the company is updating certain previously provided guidance estimates for calendar year 2023.

Gentex now expects to post revenue of $2.2 billion to $2.3 billion, compared to previous estimate of around $2.2 billion. Analysts expect the company to post revenues of $2.21 billion for the year. For the fiscal 2022, the company has reported revenue of $1.918 billion.

Gross Margin is now expected to be 32.5 percent to 33 percent, while prior outlook was 32 percent to 33 percent.

Further, for calendar year 2024, revenue is estimated to be around $2.45 billion to $2.55 billion. Earlier, the company expected calendar year 2024 revenue growth of approximately 10 percent above the 2023 revenue guidance of $2.2 billion.

The outlook is based on current forecasts for light vehicle production for calendar year 2024, which is currently estimated to increase by 1 percent as compared to 2023.

The company’s current forecasts for light vehicle production for the third quarter in North America, Europe, Japan/Korea, and China are expected to decrease 3 percent.

For calendar year 2023, light vehicle production in these markets is forecasted to increase 6 percent.

In pre-market activity on Nasdaq, Gentex shares were trading at $33.33, up 5 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Source: Read Full Article