Gentex(GNTX)

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Exploring Analyst Estimates for Gentex (GNTX) Q3 Earnings, Beyond Revenue and EPS
ZACKS· 2024-10-22 14:21
In its upcoming report, Gentex (GNTX) is predicted by Wall Street analysts to post quarterly earnings of $0.51 per share, reflecting an increase of 13.3% compared to the same period last year. Revenues are forecasted to be $624.87 million, representing a year-over-year increase of 8.5%.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over th ...
Gentex (GNTX) Earnings Expected to Grow: Should You Buy?
ZACKS· 2024-10-18 15:05
The market expects Gentex (GNTX) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released ...
Solace Power Welcomes Neil Desai as Chair of the Board of Directors
Prnewswire· 2024-09-24 11:00
MOUNT PEARL, NL, Sept. 24, 2024 /PRNewswire/ - Solace Power Inc. ("Solace"), a global leader in highperformance, leading-edge wireless power technology, is pleased to announce the appointment of Neil Desai, ICD.D, as Chair of its Board of Directors, effective immediately. Neil Desai, ICD.D, has joined Solace Power as Chair of its Board of Directors. (CNW Group/Solace Power) Neil Desai, ICD.D, has joined Solace Power as Chair of its Board of Directors. (CNW Group/Solace Power) Desai is an accomplished execut ...
Gentex Announces Third Quarter 2024 Cash Dividend
GlobeNewswire News Room· 2024-08-30 12:00
ZEELAND, Mich., Aug. 30, 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 October 23, 2024, to shareholders of record of the common stock at the close of business on October 9, 2024. About the Company Founded in 1974, Gentex Corporation (The ...
Gentex(GNTX) - 2024 Q2 - Earnings Call Transcript
2024-07-26 15:50
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]
Here's What Key Metrics Tell Us About Gentex (GNTX) Q2 Earnings
ZACKS· 2024-07-26 14:36
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) Q2 Earnings and Revenues Lag Estimates
ZACKS· 2024-07-26 14:15
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(GNTX) - 2024 Q2 - Quarterly Results
2024-07-26 12:00
Financial Performance - Net sales for Q2 2024 were $572.9 million, a decrease of 1.0% from $583.5 million in Q2 2023[1] - Gross margin for Q2 2024 was 32.9%, slightly down from 33.1% in Q2 2023, primarily due to lower sales levels and an unfavorable product mix[2] - Income from operations decreased to $114.9 million in Q2 2024, compared to $127.3 million in Q2 2023[6] - Net income for Q2 2024 was $86.0 million, down from $109.2 million in Q2 2023, influenced by lower net sales and operating income[8] - Earnings per diluted share for Q2 2024 were $0.37, compared to $0.47 in Q2 2023[9] - Net income for the first half of 2024 was $194.27 million, a decrease of 6% from $206.73 million in the same period of 2023[27] Sales Breakdown - Automotive net sales were $559.3 million in Q2 2024, a decline of 2.0% from $574.1 million in Q2 2023, with auto-dimming mirror unit shipments down by 6%[10] - Other net sales, including dimmable aircraft windows and fire protection products, increased to $13.6 million in Q2 2024 from $9.4 million in Q2 2023[11] - Total auto-dimming mirror units shipped in Q2 2024 were 12,184 thousand, a decline of 6% compared to 12,921 thousand in Q2 2023[25] Future Outlook - The company expects light vehicle production to decrease by approximately 5% in Q3 2024 compared to Q3 2023, and to decline by about 2% for the full year 2024 compared to 2023[13][14] - Updated revenue guidance for 2024 is now $2.40 - $2.50 billion, down from the original guidance of $2.55 billion[15] Research and Development - The company plans to continue investing in R&D and new product launches, with operating expenses expected to remain elevated due to these initiatives[5] - Engineering, research & development expenses increased to $44.00 million in Q2 2024, up 16% from $37.97 million in Q2 2023[27] Balance Sheet - Total assets as of June 30, 2024, were $2.74 billion, an increase from $2.61 billion at the end of 2023[29] - Cash and cash equivalents rose to $260.24 million as of June 30, 2024, compared to $226.44 million at the end of 2023[29] - Current liabilities increased to $304.73 million as of June 30, 2024, up from $271.61 million at the end of 2023[29] - Total current assets reached $1.08 billion, an increase from $997.74 million at the end of 2023[29] Dividends - The company declared cash dividends of $0.12 per share for both Q2 2024 and Q2 2023[27]
Gentex Corporation: Cruising In The Direction Of An Upgrade
Seeking Alpha· 2024-07-18 18:19
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 ...
Horizon Bank Appoints Michele Samuels and Brian Walker to Serve as Independent Directors
Newsfilter· 2024-07-17 20:05
"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 ...