Gentex(US:GNTX)2025-10-24 12:00Financial Performance - Consolidated net sales for the third quarter of 2025 were $655.2 million, an 8% increase from $608.5 million in the third quarter of 2024, with VOXX contributing $84.9 million[4] - Core Gentex revenue (excluding VOXX) was $570.3 million, representing a 6% decline compared to the third quarter of 2024[5] - Consolidated net income attributable to Gentex was $101.0 million, down from $122.5 million in the third quarter of 2024, primarily due to a one-time gain in the prior period[13] - Earnings per diluted share for the third quarter of 2025 were $0.46, compared to $0.53 in the same quarter of 2024[14] - Gentex Corporation reported net sales of $655.24 million for Q3 2025, an increase from $608.53 million in Q3 2024, representing an 8% year-over-year growth[33] - The gross profit for Q3 2025 was $225.17 million, compared to $204.06 million in Q3 2024, reflecting a 10.3% increase[33] - Net income attributable to Gentex Corporation for Q3 2025 was $100.97 million, down from $122.55 million in Q3 2024, indicating a decrease of 17.5%[33] - For the nine months ended September 30, 2025, net sales reached $1.89 billion, up from $1.77 billion in the same period of 2024, marking a 6.6% increase[34] Operational Metrics - North American OEM revenue increased approximately 5% quarter-over-quarter, while European revenue declined approximately 14% due to production challenges[4] - Total auto-dimming mirror units shipped in Q3 2025 were 11,246 thousand, a decline of 8% compared to 12,221 thousand in Q3 2024[32] - Operating expenses for the third quarter of 2025 were $102.8 million, an increase from $78.3 million in the third quarter of 2024, largely due to the VOXX acquisition[8] - Engineering, research, and development expenses for Q3 2025 were $52.63 million, up from $48.23 million in Q3 2024, representing an increase of 9.9%[33] Guidance and Expectations - The company expects global light vehicle production to decline approximately 4% in the fourth quarter of 2025 compared to the fourth quarter of 2024[20] - Updated full-year 2025 revenue guidance is $2.50 – $2.60 billion, with VOXX revenue estimated at $250 – $275 million[21] Balance Sheet and Cash Flow - The company’s cash and cash equivalents decreased to $178.59 million as of September 30, 2025, down from $233.32 million at the end of 2024[36] - Total assets increased to $2.94 billion as of September 30, 2025, compared to $2.76 billion at the end of 2024, reflecting a growth of 6.5%[36] - Total current liabilities rose to $394.46 million as of September 30, 2025, compared to $252.69 million at the end of 2024, indicating a significant increase[36] Dividends - The company declared cash dividends of $0.120 per share for Q3 2025, consistent with the previous year[33] Taxation - The effective tax rate for the third quarter of 2025 was 16.3%, compared to 15.7% in the same quarter of 2024[12]