Investors are always looking for stocks that are poised to beat at earnings season and Gentex Corporation (GNTX) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Gentex is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good ind ...

Analysts on Wall Street project that Gentex (GNTX) will announce quarterly earnings of $0.47 per share in its forthcoming report, representing an increase of 11.9% year over year. Revenues are projected to reach $600.01 million, increasing 8.9% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Before a company reveals its ...

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 March 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 earnings report, which is expected to be released on April 26, 2024, might help the stock move higher if these key numbers are better ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Gentex (GNTX) , which belongs to the Zacks Automotive - Original Equipment industry.This maker of automatic-dimming rearview mirrors and other products has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 10.39%.For the most recent quarter, Gentex was expe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 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 No.: 000-10235 GENTEX CORPORATION (Exact name of registrant as specified in its charter) Michigan 38-2030505 State or other ...

[Part I - Financial Information](index=3&type=section&id=Part%20I%20-%20Financial%20Information) Presents the company's unaudited financials, management's discussion and analysis, market risks, and internal control assessments [Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Financials show strong year-over-year growth in sales, net income, and cash flow for the third quarter and nine-month period [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $2.56 billion, supported by an increase in cash and shareholder investment Balance Sheet Summary (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $260.6 | $214.8 | | Total current assets | $1,055.5 | $948.7 | | Total assets | $2,558.3 | $2,327.2 | | Total current liabilities | $274.4 | $250.6 | | Total liabilities | $289.9 | $261.4 | | Total shareholders' investment | $2,268.5 | $2,065.8 | [Unaudited Condensed Consolidated Statements of Income](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) The company reports significant year-over-year growth in net sales, gross profit, and net income for both Q3 and the nine-month period Q3 2023 vs Q3 2022 Income Statement (in millions, except EPS) | Metric | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $575.8 | $493.6 | +16.7% | | Gross Profit | $191.4 | $147.2 | +30.0% | | Income from Operations | $122.4 | $86.8 | +41.0% | | Net Income | $104.7 | $72.7 | +44.0% | | Diluted EPS | $0.45 | $0.31 | +45.2% | Nine Months 2023 vs 2022 Income Statement (in millions, except EPS) | Metric | Nine Months 2023 | Nine Months 2022 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,710.1 | $1,425.3 | +20.0% | | Gross Profit | $559.3 | $456.0 | +22.6% | | Income from Operations | $363.0 | $275.9 | +31.6% | | Net Income | $311.5 | $232.6 | +33.9% | | Diluted EPS | $1.33 | $0.99 | +34.3% | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased significantly for the nine months ended September 30, 2023, driving a net increase in cash Cash Flow Summary for Nine Months Ended Sep 30 (in millions) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $367.7 | $236.4 | | Net cash used for investing activities | $(189.1) | $(119.3) | | Net cash used for financing activities | $(136.7) | $(156.4) | | **Net increase (decrease) in cash** | **$41.9** | **$(39.4)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail goodwill valuation, technology investments, automotive revenue concentration, and a post-quarter acquisition - Goodwill carrying value was approximately **$313.2 million** as of September 30, 2023, with **no impairments identified** despite monitoring for impacts from the UAW strike, supply chain constraints, and inflation[26](index=26&type=chunk) - The company made technology investments totaling **$43.0 million** in Adasky, LTD, an Israeli developer of thermal sensing technologies, during 2023, increasing its total technology investments to **$125.3 million**[36](index=36&type=chunk)[100](index=100&type=chunk) - Automotive products constituted **98% of total revenue** for the nine months ended September 30, 2023, with revenue from this segment growing **20% year-over-year to $1.68 billion**[73](index=73&type=chunk) - On November 2, 2023, subsequent to the quarter's end, the company acquired technology assets from eSight Corporation for approximately **$18.9 million in cash**, related to advanced low-vision smart glasses[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q3 sales, improved margins, capacity expansion, and provides a positive outlook for 2024 [Third Quarter 2023 vs. Third Quarter 2022 Results](index=27&type=section&id=THIRD%20QUARTER%202023%20VERSUS%20THIRD%20QUARTER%202022) Q3 2023 saw a 17% increase in net sales and a significant improvement in gross margin to 33.2% - Q3 2023 net sales increased **17% YoY to $564.5 million**, driven by a **10% increase** in total auto-dimming mirror unit shipments to 12.6 million units[81](index=81&type=chunk)[82](index=82&type=chunk) - Gross margin for Q3 2023 improved to **33.2%** (from 29.8% in Q3 2022) primarily due to improved fixed overhead leverage, lower freight costs, and customer cost recoveries[85](index=85&type=chunk) - Net income for Q3 2023 was **$104.7 million ($0.45 per diluted share)**, a significant increase from $72.7 million ($0.31 per diluted share) in Q3 2022[90](index=90&type=chunk) [Nine Months 2023 vs. Nine Months 2022 Results](index=28&type=section&id=NINE%20MONTHS%20ENDED%20SEPTEMBER%2030%2C%202023%20VERSUS%20NINE%20MONTHS%20ENDED%20SEPTEMBER%2030%2C%202022) For the first nine months of 2023, net sales grew 20% and net income increased 34% year-over-year - For the first nine months of 2023, net sales increased **20% YoY to $1.7 billion**, driven by a **15% increase** in automotive mirror unit shipments[91](index=91&type=chunk)[92](index=92&type=chunk) - Gross margin for the nine-month period improved to **32.7%** from 32.0% in the prior year, benefiting from improved fixed overhead leverage and lower freight expenses[94](index=94&type=chunk) - Net income for the nine months increased **34% to $311.5 million**, or $1.33 per diluted share, compared to $232.6 million, or $0.99 per diluted share, in the same period last year[98](index=98&type=chunk) [Financial Condition and Liquidity](index=30&type=section&id=FINANCIAL%20CONDITION) The company's liquidity remains strong with increased cash reserves, ongoing capital expenditures for expansion, and continued share repurchases - Cash and cash equivalents increased by **$45.9 million to $260.6 million** as of September 30, 2023, compared to year-end 2022[99](index=99&type=chunk) - Capital expenditures for the first nine months of 2023 were **$121.4 million**, up from $108.5 million in the prior year, mainly for facility construction[104](index=104&type=chunk) - The company is expanding its manufacturing capacity with new facilities in Michigan, expected to cost **$140-$165 million**, funded by cash on hand[105](index=105&type=chunk) - During the first nine months of 2023, the company repurchased **2.74 million shares**, with **18.0 million shares remaining** available for repurchase under the current plan[108](index=108&type=chunk)[130](index=130&type=chunk) [Business and Product Update](index=31&type=section&id=BUSINESS%20UPDATE) The company highlights growing shipments for its Full Display Mirror® and Integrated Toll Module®, along with expansion in aerospace and medical technology - The company is shipping its Full Display Mirror® to **fifteen different automakers**, including General Motors, Toyota, Mercedes, and Ford[111](index=111&type=chunk) - The Integrated Toll Module (ITM®) is currently shipping on **11 Audi platforms** and to Mercedes, with further launches expected[118](index=118&type=chunk) - In the aerospace segment, the company supplies dimmable windows for the **Boeing 787 and 777X**, and began production for Airbus in 2021[119](index=119&type=chunk) - Subsequent to the quarter, the company acquired technology assets from eSight Corporation for **low-vision smart glasses**, expanding its presence in medical technology[122](index=122&type=chunk) [Outlook](index=37&type=section&id=OUTLOOK) The company provides updated 2023 full-year guidance and an initial 2024 revenue forecast, while noting ongoing market uncertainties Updated 2023 Full-Year Guidance | Metric | Guidance | | :--- | :--- | | Revenue | $2.2 - $2.3 billion | | Gross Margin | 32.5% - 33.0% | | Operating Expenses | $260 - $270 million | | Capital Expenditures | $200 - $215 million | | Annual Tax Rate | 15.0% - 15.5% | - The company expects calendar year 2024 revenue to be approximately **$2.45 to $2.55 billion**[131](index=131&type=chunk) - The outlook is subject to ongoing volatility from **labor union strikes, supply chain constraints, and overall economic uncertainty**[129](index=129&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign exchange, interest rates, economic uncertainty, and potential labor strikes - The company is subject to market risks from **foreign exchange rates, interest rates, and general economic conditions** affecting the automotive industry[134](index=134&type=chunk)[135](index=135&type=chunk) - Potential work stoppages from automaker or union **labor strikes are highlighted as a material risk**[134](index=134&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures with no material changes to internal controls - As of September 30, 2023, the company's disclosure controls and procedures were **deemed effective** by management[136](index=136&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[137](index=137&type=chunk) [Part II - Other Information](index=41&type=section&id=Part%20II%20-%20Other%20Information) This section covers updates to risk factors, details of equity repurchases, and a list of filed exhibits [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors are reported beyond those disclosed in the 2022 Form 10-K and this report - **No material changes** to risk factors were reported from the company's 2022 Form 10-K, except as described within this 10-Q report[142](index=142&type=chunk) [Issuer Purchases of Equity Securities](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company details its Q3 2023 share repurchase activity and the remaining authorization under its current plan Share Repurchases in Q3 2023 | Period | Total Shares Purchased | Weighted Average Price Paid Per Share | | :--- | :--- | :--- | | July 2023 | — | — | | August 2023 | 210,525 | $32.51 | | September 2023 | 565,963 | $32.38 | | **Q3 2023 Total** | **776,488** | **$32.41** | - As of September 30, 2023, **18.0 million shares remained available for repurchase** under the company's publicly announced plan[144](index=144&type=chunk)[145](index=145&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including SOX certifications and XBRL data files - The Exhibit Index lists required filings, including **Sarbanes-Oxley certifications** (Exhibits 31.1, 31.2, 32) and **Inline XBRL documents** (Exhibit 101 series)[150](index=150&type=chunk)

Financial Data and Key Metrics Changes - For Q3 2023, the company reported net sales of $575.8 million, a 17% increase from $493.6 million in Q3 2022 [6][9] - Gross margin improved to 33.2% from 29.8% in Q3 2022, reflecting a 340 basis point increase quarter over quarter [7][9] - Net income for Q3 2023 was $104.7 million, a 44% increase compared to $72.7 million in Q3 2022 [9] - Earnings per diluted share rose to $0.45, a 45% increase from $0.31 in Q3 2022 [9] Business Line Data and Key Metrics Changes - Automotive net sales reached $564.5 million, a 17% increase from $480.9 million in Q3 2022 [18] - Dimming mirror unit shipments increased by 10% compared to Q3 2022 [18] - Other net sales, including dual aircraft windows and fire protection products, decreased to $11.3 million from $12.7 million in Q3 2022 [18] Market Data and Key Metrics Changes - Global light vehicle production in key markets increased approximately 5% compared to Q3 2022 [6] - The company expects light vehicle production to increase by 1% in 2024 compared to 2023 [16] Company Strategy and Development Direction - The company aims to achieve gross margins of 35% to 36% by the end of 2024, focusing on material costs and supply chain expenses [8][16] - A significant focus will be on redesigning products to optimize costs and improve margins [14][43] - The company is actively working on partnerships with suppliers to enhance cost efficiency [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the ongoing UAW strikes could impact revenue and margins in Q4 2023, but they remain confident in revenue growth [16][56] - The company has seen significant improvements in supply chain constraints, which have positively affected gross margins [57] - Management expressed optimism about achieving revenue targets despite potential headwinds from strikes [56] Other Important Information - The company repurchased 0.8 million shares at an average price of $32.41 per share during Q3 2023 [12] - Cash and cash equivalents increased to $260.6 million from $214.8 million as of December 31, 2022 [19] Q&A Session Summary Question: Impact of UAW strikes on guidance - Management indicated that the UAW strikes have had a modest impact in Q3, with potential losses of $2 million to $2.5 million per week in Q4 if the situation does not improve [56] Question: Drivers for margin improvement - Management emphasized that achieving margin targets will require both internal improvements and external market conditions to align favorably [30] Question: Penetration rates for auto dimming mirrors - Management reported strong growth in penetration rates for both interior and exterior auto dimming mirrors, particularly in emerging markets like China [34] Question: Pricing dynamics and cost recovery - Management stated that they have made significant progress in negotiating cost recoveries with OEMs, but further engineering efforts will be needed to optimize costs [43] Question: Regional production schedules - Management noted that European production trends are similar to North America, while the Chinese market remains volatile with concerns about OEM profitability [46] Question: Rising raw material costs - Management acknowledged ongoing increases in raw material costs, particularly in semiconductor pricing, and emphasized the need for redesign efforts to mitigate these costs [49][51]

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, 2023 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) (State or other jurisdiction of incorporation or o ...

Financial Data and Key Metrics Changes - For Q2 2023, the company reported net sales of $583.5 million, a 26% increase from $463.4 million in Q2 2022, marking a new quarterly sales record [29] - Gross margin improved to 33.1% from 32% in Q2 2022, driven by higher sales levels and manufacturing improvements [8][31] - Net income for Q2 2023 was $109.2 million, a 51% increase compared to $72.4 million in Q2 2022 [33] - Earnings per diluted share rose to $0.47, up 52% from $0.31 in Q2 2022 [11] Business Line Data and Key Metrics Changes - Automotive net sales increased by 27% to $574.1 million in Q2 2023 compared to $452.9 million in Q2 2022 [35] - Fire protection sales decreased by $3.6 million, while dimmable aircraft window sales increased by $2.5 million in Q2 2023 compared to Q2 2022 [12] Market Data and Key Metrics Changes - Global light vehicle production in North America, Europe, Japan, Korea, and China increased approximately 18% year-over-year in Q2 2023 [29] - The company forecasts a 6% increase in light vehicle production for 2023 compared to the previous year [21] Company Strategy and Development Direction - The company aims to achieve a gross margin of 35% to 36% by the end of 2024, with ongoing cost improvement initiatives [9][70] - Focus on expanding the Full Display Mirror product line and enhancing penetration rates of core electrochromic technology [30] - The company is working on optimizing the bill of materials to reduce costs and improve profitability [67][98] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the product portfolio and growth estimates despite potential industry challenges and macroeconomic issues [46] - The company anticipates continued strong demand for its products, particularly in the Full Display Mirror segment [18][46] Other Important Information - The company has approximately 18.8 million shares available for repurchase under its share repurchase plan [13] - Cash flow from operations for Q2 2023 was $120.9 million, up from $73.3 million in Q2 2022 [38] Q&A Session Summary Question: Can you discuss the gross margin improvement and its sustainability? - Management noted that strong revenue growth has allowed for better overhead leverage, contributing to faster-than-expected gross margin improvements [47][72] Question: What is driving the expected outgrowth in 2024? - Continued growth in the Full Display Mirror product portfolio and higher outside mirror volume growth are key drivers [50][82] Question: Are there any nonrecurring benefits in this quarter? - Management confirmed that the quarter's performance was primarily driven by ongoing demand rather than nonrecurring factors [101] Question: How are relationships with OEMs evolving post-supply chain issues? - The company is seeing more collaborative relationships with some OEMs, focusing on proactive communication regarding future processing platforms [103] Question: What are the expectations for pricing recoveries? - Management indicated that they are tracking towards a positive 100 basis points in pricing recoveries by the end of the year [127]

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 March 31, 2023 or Michigan 49464 ☐ 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) (State or other jurisdiction of in ...