VOXX International was founded as Audiovox Corporation in 1965 by John Shalam, who most recently served as chairman of the board until stepping down late last year. He led VOXX as it grew to become a worldwide leader in automotive and consumer electronics, and was also active in the Consumer Technology Association (CTA). He helped establish the CTA's Wireless Communications Division in 2001 and was inducted into the Consumer Technology Hall of Fame in 2009. "We want to continue the legacy of VOXX Founder Jo ...

Core Viewpoint - Gentex (NASDAQ: GNTX) is identified as a stable stock within an industry facing challenges, demonstrating solid performance and reasonable valuation multiples while maintaining a strong balance sheet [1]. Company Summary - Gentex is a leading automotive supplier specializing in functional and technical rearview mirrors [1]. - The company has consistently delivered strong performance, indicating resilience in a challenging market environment [1]. Industry Summary - The automotive industry is currently experiencing headwinds, yet Gentex has managed to perform well despite these challenges [1]. - The focus on mergers, acquisitions, and significant corporate events highlights the dynamic nature of the industry, with opportunities for investment [1].

ZEELAND, Mich., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), the Zeeland, Michigan-based supplier of digital vision, connected car, dimmable glass, and fire protection technologies, today announced that its Board of Directors recently declared a quarterly cash dividend of $0.12 (12 cents) per share that will be payable April 23, 2025, to shareholders of record of the common stock at the close of business on April 9, 2025. About the CompanyFounded in 1974, Gentex Corporation (The NASD ...

Financial Performance - In 2024, the Company's net sales increased by $14.1 million, or 1%, reaching the highest annual sales in Company history despite a 4% decrease in light vehicle production in primary markets [133]. - Gross margin improved to 33.3% in 2024, up from 33.2% in 2023, primarily due to supplier cost reductions and lower freight costs [132]. - Net income decreased by $23.9 million, or 6%, in 2024 compared to 2023, primarily due to changes in operating profits [139]. - Cash flow from operating activities was $498.2 million in 2024, a decrease of $39.0 million from 2023, attributed to lower net income and changes in working capital [149]. - Total operating expenses increased to 13.5% of net sales in 2024, up from 11.6% in 2023, driven by higher engineering and administrative costs [132]. - The effective tax rate decreased to 14.3% in 2024 from 15.2% in 2023, influenced by the Foreign Derived Intangible Income Deduction and R&D tax credits [139]. Future Projections - The Company estimates top line revenue for calendar year 2025 will be between $2.40 and $2.45 billion, based on light vehicle production forecasts and product mix [161]. - Gross margin is estimated to be between 33.5% and 34.5% for calendar year 2025, with potential offsets from raw material cost decreases and operational efficiencies [162]. - Operating expenses are expected to be between $310 and $320 million for calendar year 2025, reflecting continued investments in growth and new product development [163]. - Capital expenditures for calendar year 2025 are anticipated to be between $125 and $150 million, primarily for production equipment purchases [165]. - Depreciation and amortization expense for calendar year 2025 is estimated to be between $85 and $90 million [166]. - The Company projects a tax rate between 15% and 17% for calendar year 2025 based on current statutory rates [167]. - Revenue guidance for calendar year 2026 is estimated to be between $2.55 and $2.65 billion, considering anticipated increases in light vehicle production [169]. Investment and Expenses - Engineering, research and development expenses increased by $27.1 million, or 18%, representing 8% of net sales in 2024 compared to 7% in 2023 [136]. - Cash flow used for investing activities decreased by $97.3 million to $202.1 million in 2024, primarily due to reduced capital expenditures [150]. - The Company recorded impairment charges of $8.9 million for Goodwill and in-process research and development related to the Vaporsens technology [138]. Market Outlook - The S&P Global Mobility forecast for light vehicle production in 2025 estimates approximately 15.1 million units for North America and 30.2 million units for China [160]. - Approximately 7% of the Company's net sales in calendar year 2024 were invoiced and paid in foreign currencies, with expectations of 7-8% for 2025 [172]. Shareholder Actions - The Company intends to continue share repurchases in 2025, influenced by market and economic conditions [168]. Strategic Focus - The Company is focused on maintaining a competitive advantage through investments in proprietary technology and product development [164].

Core Insights - Gentex Corporation (GNTX) reported a fourth-quarter 2024 earnings per share (EPS) of 39 cents, missing the Zacks Consensus Estimate of 49 cents and reflecting a 22% year-over-year decline [1] - The company’s net sales for the quarter were $542 million, falling short of the Zacks Consensus Estimate of $602 million and decreasing by 8% compared to the previous year [2] Financial Performance - Gross margin for the quarter was 32.5%, down 200 basis points from the fourth quarter of 2023, attributed to lower-than-expected sales, an unfavorable product mix, and challenges in overhead cost management [2] - Total operating expenses increased by 22% year over year to $86.5 million, with engineering and R&D expenses rising to $47.06 million from $41.53 million, and SG&A expenses increasing to $30.53 million from $29.06 million [5] Segmental Performance - The Automotive segment, which is the primary revenue contributor, reported net sales of $531.3 million, down from $578.7 million in the year-ago quarter and below the estimate of $585.9 million [3] - Auto-dimming mirror shipments in North America decreased by 10% to 3,438,000 units, while international shipments fell by 14% year over year to 7,339,000 units, leading to a total shipment decline of 13% to 10,777,000 units [3] Other Sales and Dividends - Other net sales, including dimmable aircraft windows and fire protection products, decreased from $10.5 million to $10.3 million, missing the estimate of $13.5 million [4] - Gentex paid a dividend of 12 cents per share during the quarter and repurchased 603,396 shares at an average price of $30.54 per share, with nearly 9.4 million shares remaining for buyback as of December 31, 2024 [6] 2025 Guidance - For 2025, Gentex expects net sales to be in the range of $2.40-$2.45 billion, compared to $2.31 billion in 2024, with a projected gross margin of 33.5-34.5% [7] - Capital expenditure is anticipated to be between $125 million and $150 million, while operating expenses are estimated to be in the range of $310-$320 million [7]

Core Insights - Gentex (GNTX) reported a revenue of $541.64 million for Q4 2024, marking an 8.1% decline year-over-year and a surprise of -10.03% compared to the Zacks Consensus Estimate of $602 million [1] - The earnings per share (EPS) for the same quarter was $0.39, down from $0.50 a year ago, with an EPS surprise of -20.41% against the consensus estimate of $0.49 [1] Financial Performance Metrics - Gentex's stock has returned +0.4% over the past month, while the Zacks S&P 500 composite has increased by +2.9%, indicating underperformance relative to the broader market [3] - The company holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the market in the near term [3] Auto-Dimming Mirror Shipments - Total Interior Mirrors shipped were 6.69 million, below the average estimate of 7.49 million [4] - Total Exterior Mirrors shipped were 4.09 million, compared to the average estimate of 4.57 million [4] - Total Auto-Dimming Mirror Units shipped were 10.78 million, against an estimated 12.06 million [4] - North American Mirror Units shipped totaled 3.44 million, below the average estimate of 3.82 million [4] - International Exterior Mirrors shipped were 2.66 million, compared to the estimated 2.89 million [4] - North American Exterior Mirrors shipped were 1.43 million, against an estimate of 1.69 million [4] - Total International Mirror Units shipped were 7.34 million, below the average estimate of 8.24 million [4] - International Interior Mirrors shipped were 4.68 million, compared to the average estimate of 5.36 million [4] - North American Interior Mirrors shipped totaled 2 million, below the estimate of 2.13 million [4] Revenue Breakdown - Revenue from Automotive Products was $531.30 million, significantly lower than the average estimate of $590.93 million, representing an 8.2% year-over-year decline [4] - Other revenue was reported at $10.30 million, below the three-analyst average estimate of $12.72 million, reflecting a year-over-year change of -1.9% [4]

Core Viewpoint - Gentex (GNTX) reported quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.49 per share, and down from $0.50 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was -20.41%, with the company previously expected to earn $0.50 per share but actually earning $0.53 per share in the prior quarter, resulting in a positive surprise of 6% [2] - Gentex's revenues for the quarter were $541.64 million, missing the Zacks Consensus Estimate by 10.03%, and down from $589.13 million year-over-year [3] - The company has not surpassed consensus revenue estimates in the last four quarters [3] Stock Performance - Gentex shares have declined approximately 1.8% since the beginning of the year, while the S&P 500 has gained 3.2% [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.50 on revenues of $610.55 million, and for the current fiscal year, it is $2.10 on revenues of $2.5 billion [8] - The outlook for the Automotive - Original Equipment industry, to which Gentex belongs, is currently in the bottom 30% of Zacks industries, which may impact stock performance [9]

Financial Performance - For Q4 2024, the company reported net sales of $541.6 million, an 8% decrease from $589.1 million in Q4 2023[3] - The gross profit margin for Q4 2024 was 32.5%, down from 34.5% in Q4 2023, primarily due to lower sales levels and a weaker product mix[4] - For the full year 2024, net sales reached $2.31 billion, a 1% increase from $2.30 billion in 2023, marking the highest annual sales in company history[8] - Net income for the full year 2024 was $404.49 million, compared to $428.40 million in 2023, representing a decline of 6%[30] - Earnings per share (EPS) for Q4 2024 were $0.39, down from $0.50 in Q4 2023[30] Shipments and Production - Full Display Mirror (FDM) unit shipments for 2024 totaled 2.96 million, representing a 21% increase compared to 2023[3] - Total auto-dimming mirror units shipped in Q4 2024 were 10,777 thousand, a 13% decrease compared to 12,356 thousand in Q4 2023[28] - North American interior mirror shipments decreased by 3% year-over-year, totaling 2,004 thousand units in Q4 2024[28] - International exterior mirror shipments fell by 15% year-over-year, totaling 2,656 thousand units in Q4 2024[28] Expenses and Investments - Operating expenses for Q4 2024 increased by 22% to $86.5 million, influenced by staffing and engineering-related professional fees[5] - The company reported an impairment expense of $8.86 million in Q4 2024, which was not present in Q4 2023[30] - The company plans to continue investing in engineering capabilities and new technologies to support product launches and achieve sustainable growth[21] Shareholder Returns - The company returned $316.5 million to shareholders in 2024, a 23% increase from the previous year, including $206.1 million in share repurchases[3] Tax and Forecast - The effective tax rate for 2024 was 14.3%, down from 15.2% in 2023, due to increased benefits from foreign derived intangible income deductions[12] - The company forecasts 2025 revenue between $2.40 billion and $2.45 billion, with a gross margin target of 33.5% to 34.5%[20] - Light vehicle production in 2025 is expected to decrease by 3% in North America and Europe compared to 2024, while total production is projected to increase by 2% in 2026[19] Assets and Cash - Total assets increased to $2.76 billion as of December 31, 2024, up from $2.61 billion a year earlier[32] - Cash and cash equivalents rose to $233.32 million, compared to $226.44 million at the end of 2023[32]

Core Insights - Gentex Corporation reported a decrease in net sales for Q4 2024, totaling $541.6 million, down 8% from $589.1 million in Q4 2023, attributed to a 6% decline in light vehicle production in key markets [3][6] - The company achieved a record annual net sales of $2.31 billion for 2024, a 1% increase from $2.30 billion in 2023, despite a more than 4% decrease in light vehicle production [8][11] - The gross margin for Q4 2024 was 32.5%, down from 34.5% in Q4 2023, primarily due to lower sales levels and a weaker product mix [3][9] Fourth Quarter 2024 Highlights - Net sales were $541.6 million, a decrease of 8% year-over-year [3][6] - Gross profit margin was 32.5%, down from 34.5% in Q4 2023 [3][9] - Income from operations was $89.8 million, compared to $132.8 million in Q4 2023 [5][6] - Net income for Q4 2024 was $87.7 million, down from $116.9 million in Q4 2023 [7][11] - Earnings per diluted share were $0.39, compared to $0.50 in Q4 2023 [7][12] Calendar Year 2024 Highlights - Total net sales reached $2.31 billion, marking a new annual sales record [6][8] - Gross profit margin for the year was 33.3%, slightly up from 33.2% in 2023 [9][11] - Net income for the year was $404.5 million, down from $428.4 million in 2023 [11][12] - Earnings per diluted share for the year were $1.76, compared to $1.84 in 2023 [12][11] - Full Display Mirror unit shipments increased by 21% to 2.96 million units [6][13] Operating Expenses and Financial Performance - Operating expenses in Q4 2024 rose 22% to $86.5 million, influenced by staffing and engineering-related fees [4][10] - For the full year, operating expenses increased 17% to $311.4 million [10] - The effective tax rate for Q4 2024 was 10.3%, down from 15.2% in 2023 [7][11] Shareholder Returns - The company returned $316.5 million to shareholders in 2024, a 23% increase from the previous year [6] - Share repurchases totaled $206.1 million for the year, with 6.4 million shares repurchased [15] Future Guidance - For 2025, the company forecasts revenue between $2.40 billion and $2.45 billion, with a gross margin target of 33.5% to 34.5% [18] - Light vehicle production is expected to decline further in 2025, but the company anticipates revenue growth driven by new product launches [20][19]

Company Overview - Gentex (GNTX) is expected to report quarterly earnings of $0.49 per share, reflecting a year-over-year decline of 2% [3] - Revenues are anticipated to be $601.1 million, which is a 2% increase from the previous year [3] Earnings Expectations - Wall Street anticipates a year-over-year decline in earnings despite higher revenues, indicating a mixed outlook for the company [1] - The consensus EPS estimate has remained unchanged over the last 30 days, suggesting stability in analyst expectations [4] Earnings Surprise Prediction - The Most Accurate Estimate for Gentex is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -5.35%, indicating a bearish sentiment among analysts [10] - Gentex holds a Zacks Rank of 2 (Buy), which complicates predictions regarding an earnings beat [11] Historical Performance - In the last reported quarter, Gentex exceeded expectations by delivering earnings of $0.53 per share against an estimate of $0.50, resulting in a surprise of +6% [12] - Over the past four quarters, Gentex has beaten consensus EPS estimates two times [13] Industry Comparison - Mobileye Global (MBLY), another player in the automotive industry, is expected to report a significant year-over-year decline in earnings per share of 57.1% and a revenue drop of 24.6% [17] - Mobileye's consensus EPS estimate has been revised down by 33.3% over the last 30 days, but it currently has a positive Earnings ESP of 20.00% [18]