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 ...

Part I - Financial Information [Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The company's financial position strengthened in Q1 2024, with total assets increasing to $2.71 billion. Net sales grew 7% year-over-year to $590.2 million, driving net income up to $108.2 million. Cash flow from operations remained strong at $129.9 million. The financial statements reflect steady growth, supported by increased automotive product sales and effective cost management [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $249.0 M | $226.4 M | | Inventories | $436.5 M | $402.5 M | | Total current assets | $1,072.6 M | $997.7 M | | Total assets | $2,713.2 M | $2,611.4 M | | **Liabilities & Equity** | | | | Total current liabilities | $304.4 M | $271.6 M | | Total liabilities | $336.9 M | $298.9 M | | Total shareholders' investment | $2,376.4 M | $2,312.5 M | [Unaudited Condensed Consolidated Statements of Income](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) Q1 2024 vs Q1 2023 Income Statement | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $590.2 M | $550.8 M | +7.2% | | Gross Profit | $202.2 M | $174.7 M | +15.7% | | Income from Operations | $129.3 M | $113.3 M | +14.1% | | Net Income | $108.2 M | $97.6 M | +10.9% | | Diluted EPS | $0.47 | $0.42 | +11.9% | | Cash Dividends Declared per Share | $0.120 | $0.120 | 0% | [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) - Comprehensive income for Q1 2024 was $107.3 million, compared to $99.5 million in Q1 2023. The change was driven by higher net income, slightly offset by a net other comprehensive loss of $0.9 million, primarily from foreign currency translation adjustments[15](index=15&type=chunk) [Unaudited Condensed Consolidated Statements of Shareholders' Investment](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Investment) - During Q1 2024, the company repurchased **1.2 million shares** of common stock for $43.0 million and declared dividends of $27.7 million ($0.12 per share). Total shareholders' investment increased from $2.31 billion at the end of 2023 to $2.38 billion as of March 31, 2024, driven by net income of $108.2 million[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 vs Q1 2023 Cash Flow Summary | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $129.9 M | $120.9 M | | Net cash used for investing activities | ($55.1 M) | ($72.4 M) | | Net cash used for financing activities | ($52.2 M) | ($47.8 M) | | **Net increase in cash and cash equivalents** | **$22.6 M** | **$0.7 M** | - Financing activities in Q1 2024 included $41.2 million for common stock repurchases and $27.8 million for dividend payments[20](index=20&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - Goodwill remained unchanged at $340.1 million as of March 31, 2024. No impairment indicators were observed during the quarter[24](index=24&type=chunk)[25](index=25&type=chunk) - The company's automotive segment continues to be the primary revenue driver, accounting for **97.9%** of total net sales in Q1 2024[69](index=69&type=chunk)[70](index=70&type=chunk) Revenue by Segment (Q1 2024 vs Q1 2023) | Segment | Q1 2024 Revenue | Q1 2023 Revenue | Change | | :--- | :--- | :--- | :--- | | Automotive Products | $577.6 M | $537.4 M | +7.5% | | Other | $12.6 M | $13.3 M | -5.3% | | **Total** | **$590.2 M** | **$550.8 M** | **+7.2%** | Automotive Revenue by Geography (Q1 2024 vs Q1 2023) | Region | Q1 2024 Revenue | Q1 2023 Revenue | Change | | :--- | :--- | :--- | :--- | | U.S. | $165.1 M | $170.8 M | -3.3% | | Japan | $89.0 M | $72.2 M | +23.3% | | Germany | $75.7 M | $80.6 M | -6.1% | | Korea | $53.7 M | $23.5 M | +128.7% | - In November 2023, the company acquired certain technology assets from eSight for approximately $18.9 million in cash and other considerations. These assets, which provide low-vision smart glasses, are part of the 'Other' segment and contributed less than $0.1 million in revenue in Q1 2024[76](index=76&type=chunk)[77](index=77&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In Q1 2024, net sales rose **7%** to $590.2 million, driven by a **7%** increase in automotive sales despite a **2%** decrease in total mirror unit shipments, indicating a richer product mix. Gross margin improved significantly to **34.3%** from **31.7%** YoY, attributed to raw material cost reductions and manufacturing efficiencies. The company maintains a strong financial position, funding capital expenditures and share repurchases with operating cash flow. Guidance for 2024 is reaffirmed, with revenue projected at $2.45-$2.55 billion, and the 2025 revenue forecast is maintained at $2.65-$2.75 billion [Results of Operations (Q1 2024 vs Q1 2023)](index=23&type=section&id=Results%20of%20Operations%20(Q1%202024%20vs%20Q1%202023)) - Net sales increased by **7%** ($39.5 million) in Q1 2024 compared to Q1 2023, primarily driven by a **7%** increase in Automotive net sales[79](index=79&type=chunk)[80](index=80&type=chunk) - Gross profit margin increased from **31.7%** in Q1 2023 to **34.3%** in Q1 2024. This was primarily due to raw material cost reductions (100-150 basis points improvement) and manufacturing efficiencies (100-150 basis points improvement)[83](index=83&type=chunk) - Total operating expenses increased by **19%** ($11.4 million) YoY, mainly due to higher staffing costs and increased engineering, research, and development expenses[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) Auto-Dimming Mirror Unit Shipments (in thousands) | Mirror Type | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Interior Mirrors | 7,816 | 8,197 | (5)% | | Total Exterior Mirrors | 4,655 | 4,519 | 3% | | **Total Mirror Units** | **12,471** | **12,717** | **(2)%** | [Financial Condition and Liquidity](index=25&type=section&id=Financial%20Condition%20and%20Liquidity) - Cash and cash equivalents increased by $22.6 million during the quarter to $249.0 million, primarily from operating activities, offset by capital expenditures, investments, dividends, and share repurchases[89](index=89&type=chunk) - Inventories increased by $34.0 million to $436.5 million to support forecasted customer demand[92](index=92&type=chunk) - Capital expenditures were $31.9 million in Q1 2024. The company is funding several expansion projects with cash on hand, including a distribution center expansion ($40-$45M), a manufacturing facility expansion ($20-$30M), and an on-site daycare facility ($12-$15M)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) - The company has an unsecured revolving credit facility of $250.0 million, which had no outstanding balance as of March 31, 2024[64](index=64&type=chunk) [Business and Product Update](index=26&type=section&id=Business%20and%20Product%20Update) - The company had 31 net new product launches in Q1 2024, with over **60%** being advanced features like HomeLink®, Full Display Mirror®, and outside auto-dimming mirrors[100](index=100&type=chunk) - The Full Display Mirror® is now shipping to sixteen different automaker customers[101](index=101&type=chunk) - The Integrated Toll Module (ITM®) is currently shipping on 11 Audi platforms and to Mercedes on the EQS model[106](index=106&type=chunk) - The company is providing dimmable aircraft windows for the Boeing 787 and 777X, and began production for Airbus aircraft in 2021[107](index=107&type=chunk) - The company acquired technology assets from eSight in late 2023 for advanced low-vision smart glasses, expanding its medical product portfolio[110](index=110&type=chunk) [Outlook](index=31&type=section&id=Outlook) - The company reaffirmed its full-year 2024 guidance and its revenue forecast for 2025[116](index=116&type=chunk)[119](index=119&type=chunk) 2024 Full-Year Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $2.45 - $2.55 billion | | Gross Margin | 34% - 35% | | Operating Expenses | $295 - $305 million | | Capital Expenditures | $225 - $250 million | | Annual Tax Rate | 16% - 18% | - Calendar year 2025 revenue is still expected to be approximately $2.65 to $2.75 billion[119](index=119&type=chunk) Light Vehicle Production Forecast (S&P Global Mobility) | Region | 2024 % Change (vs 2023) | 2025 % Change (vs 2024) | | :--- | :--- | :--- | | North America | 2% | 3% | | Europe | (2)% | —% | | Japan and Korea | (5)% | (3)% | | China | 2% | 4% | | **Total** | **—%** | **2%** | [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks including foreign exchange rates, interest rate fluctuations, and general economic conditions. Fluctuating interest rates could impact financial performance through investment values and affect demand for light vehicles. The company's global operations, particularly in automotive manufacturing, are sensitive to uncertain economic conditions, inflation, and supply chain disruptions - The company is subject to market risks from foreign exchange rates, interest rate changes, and global economic conditions that can impact product demand[122](index=122&type=chunk)[123](index=123&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of March 31, 2024, and concluded they are effective. No material changes were made to the internal control over financial reporting during the quarter - As of March 31, 2024, the company's management, including the CEO and CFO, concluded that disclosure controls and procedures are effective[124](index=124&type=chunk) - There were no changes in internal control over financial reporting during Q1 2024 that materially affected, or are reasonably likely to materially affect, these controls[125](index=125&type=chunk) Part II - Other Information [Risk Factors](index=34&type=page&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to risk factors from the 2023 Form 10-K were reported[130](index=130&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2024, the company repurchased **1,200,903 shares** of its common stock at a weighted average price of $35.84 per share, for a total cost of approximately $43 million. As of March 31, 2024, **14.7 million shares** remain authorized for repurchase under the existing plan Q1 2024 Share Repurchase Activity | Period | Total Shares Purchased | Weighted Average Price Paid Per Share | | :--- | :--- | :--- | | January 2024 | 90,006 | $33.81 | | February 2024 | 510,247 | $35.31 | | March 2024 | 600,650 | $36.59 | | **Q1 2024 Total** | **1,200,903** | **$35.84** | - As of March 31, 2024, **14.7 million shares** remained available for repurchase under the company's publicly announced plan[132](index=132&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section references the Exhibit Index on page 36, which lists the certifications and XBRL data files submitted with the report

Gentex Corporation’s (GNTX) first-quarter 2024 earnings per share (EPS) of 47 cents came in line with the Zacks Consensus Estimate and increased 12% year over year.This Zeeland-based automotive products supplier reported net sales of $590.2 million, which missed the Zacks Consensus Estimate of $600 million but increased 7% from the year-ago period. The company recorded a gross margin of 34.3%, reflecting an increase of 260 basis points from the first quarter of 2023, due to lower raw material costs, higher ...

Gentex (GNTX) reported $590.23 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 7.2%. EPS of $0.47 for the same period compares to $0.42 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $600.48 million, representing a surprise of -1.71%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.47.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Gentex (GNTX) came out with quarterly earnings of $0.47 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.42 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this maker of automatic-dimming rearview mirrors and other products would post earnings of $0.44 per share when it actually produced earnings of $0.50, delivering a surprise of 13.64%.Over the last four quarters, the company has surpassed consensus EPS estim ...

Exhibit 99.1 GENTEX REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS ZEELAND, MI -- (GLOBE NEWSWIRE - April 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 months ended March 31, 2024. 1st Quarter 2024 Summary For the first quarter of 2024, the Company reported net sales of $590.2 million, compared to net sales of $550.8 million in the first quarter of 2023, a 7% qu ...

ZEELAND, Mich., April 26, 2024 (GLOBE NEWSWIRE) -- 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 months ended March 31, 2024. 1st Quarter 2024 Summary Net sales of $590.2 million, a new quarterly sales record, and a 7% increase compared to the first quarter of 2023Gross profit margin of 34.3%, an increase of 260 basis points from the first quarter of 2023Income from opera ...

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