UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-10235 GENTEX CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-2030505 (State or other jurisdiction o ...

Financial Data and Key Metrics Changes - For Q2 2024, net sales were $572.9 million, down from $583.5 million in Q2 2023, reflecting a decline in light vehicle production in key markets [27][34] - Net income for Q2 2024 was $86 million, compared to $109.2 million in the same quarter last year, primarily due to lower net sales and income from operations [7][32] - Gross margin for Q2 2024 was 32.9%, slightly down from 33.1% in Q2 2023, impacted by lower sales levels [12][30] - Operating expenses increased by 12% to $73.7 million compared to $65.8 million in Q2 2023, mainly due to staffing and engineering-related professional fees [6][31] - Earnings per diluted share for Q2 2024 were $0.37, down from $0.47 in Q2 2023, affected by lower net sales and operating income [33] Business Line Data and Key Metrics Changes - Automotive net sales in Q2 2024 were $559.3 million, down from $574.1 million in Q2 2023, with auto-dimming mirror unit shipments decreasing by 6% [34] - Other net sales increased to $13.6 million in Q2 2024 from $9.4 million in Q2 2023, driven by higher dimmable aircraft window and fire protection sales [16] Market Data and Key Metrics Changes - Light vehicle production in North America, Europe, and Japan/Korea declined by 3% in Q2 2024 compared to the same quarter last year [27] - The company expects light vehicle production to decrease by approximately 5% in Q3 2024 compared to the same quarter last year [21] Company Strategy and Development Direction - The company is focused on a gross margin recovery plan, aiming for a margin of 35% to 36% in the future, despite a temporary setback in Q2 2024 [44] - The company continues to launch new products, with 32 net new nameplate launches in Q2 2024, and anticipates ongoing product launches in the second half of the year [19][20] - The company is evaluating opportunities to reduce the bill of materials on existing programs to support margin recovery [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in production in June was unexpected and primarily affected major customers like GM, Volkswagen, and Toyota [23][60] - The company remains optimistic about the second half of 2024, expecting a return to meaningful growth despite the recent production challenges [29][47] - Management indicated that the recent production shortfall appears to be a one-time event, with July showing expected performance [60][124] Other Important Information - The effective tax rate for Q2 2024 was 15.1%, primarily due to the foreign-derived intangible income deduction [7] - Cash flow from operations for Q2 2024 was $129.3 million, up from $120.9 million in Q2 2023 [38] - The company repurchased 1.4 million shares of common stock at an average price of $34.43 per share during Q2 2024 [35] Q&A Session Summary Question: What were the impacts on production in June? - Management indicated that the shortfall in June was unexpected, with major customers significantly impacted, leading to a decline in shipments [23][60] Question: How does the company view the second half of the year? - Management expressed confidence in a return to strong performance in the second half, despite a 5% drop in production forecast for Q3 [47][60] Question: What is the outlook for FDM volumes? - Management confirmed that they are on track to achieve their target of shipping an incremental 500,000 FDM units in 2024, despite challenges [41][70] Question: How does the company plan to address potential cost challenges? - Management noted that they are continuously looking for opportunities to optimize costs and improve efficiency in a lower production environment [120][106] Question: What are the expectations for the driver monitoring market? - Management believes that the driver monitoring market has the potential to be a material growth driver for the company in the coming years [74][70]

Shares of Gentex have returned -2.5% over the past month versus the Zacks S&P 500 composite's -1.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Gentex (GNTX) reported $572.93 million in revenue for the quarter ended June 2024, representing a year-overyear decline of 1.8%. EPS of $0.37 for the same period compares to $0.47 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $623.28 million, ...

Gentex (GNTX) came out with quarterly earnings of $0.37 per share, missing the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for nonrecurring items. Gentex, which belongs to the Zacks Automotive - Original Equipment industry, posted revenues of $572.93 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 8.08%. This compares to year-ago revenues of $583.47 million. The company has topped consensus ...

GENTEX REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS Exhibit 99.1 ZEELAND, MI -- (GLOBE NEWSWIRE - July 26, 2024) - Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies, today reported financial results for the three and six months ended June 30, 2024. 2nd Quarter 2024 Summary During the second quarter of 2024, the Company had an effective tax rate of 15.1%, which was primarily driven by the benefit of the foreign derived int ...

To me, one of the most interesting companies on the market is Gentex Corporation (NASDAQ:GNTX). The business serves as an automotive supplier focused on digital vision, connected car, and dimmable glass products. Even though the vast number of consumers have almost certainly never heard of the firm, almost all of them are likely to own one of its products. Last year alone, the company shipped 50.6 million mirrors globally, and it boasts an 89% share of the interior auto dimming mirror market. What I like ab ...

"Michele and Brian are exceptional corporate and community leaders in several of Horizon Bank's fastest growing markets, with tremendous experience guiding enterprises that are among the largest and most sophisticated in their industries," said Thomas M. Prame, Chairman and President of Horizon Bank and Chief Executive Officer and President of the Company. "We are pleased to welcome them as our newest independent directors, their diverse backgrounds and extensive experience will be instrumental in shaping t ...

ZEELAND, Mich., July 01, 2024 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), the Zeeland, Michigan-based supplier of digital vision, connected car, dimmable glass, and fire protection technologies, is pleased to announce that it will release its second quarter 2024 financial results on Friday, July 26, before the market opens. The Company will host a conference call for the investment community at 9:30am ET to discuss the results. A webcast replay will be available approximately 24 hours after the c ...

ZEELAND, Mich., May 29, 2024 (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 July 17, 2024, to shareholders of record of the common stock at the close of business on July 5, 2024. About the Company Founded in 1974, Gentex Corporation (The NASDAQ ...

ZEELAND, Mich., May 29, 2024 (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 July 17, 2024, to shareholders of record of the common stock at the close of business on July 5, 2024. About the Company Founded in 1974, Gentex Corporation (The NASDAQ ...