Financial Data and Key Metrics Changes - The company reported consolidated net sales of $655.2 million for Q3 2025, an 8% increase from $608.5 million in Q3 2024, with VOXX contributing $84.9 million [4] - Core Gentex revenue was $570.3 million, representing a 6% decline compared to the same quarter last year [4] - Consolidated gross margin improved to 34.4% from 33.5% in Q3 2024, with core Gentex gross margin at 34.9%, a 140 basis point increase [5][6] - Consolidated net income attributable to Gentex was $101 million, down from $122.5 million in Q3 2024, primarily due to a one-time gain in the prior period [8][9] Business Line Data and Key Metrics Changes - Automotive net sales were $558 million in Q3 2025, down from $596.5 million in Q3 2024, largely due to lower shipments of auto-dimming mirrors in Europe and China [10] - Net sales from other product lines, including dimmable aircraft windows and fire protection devices, were $12.3 million, slightly up from $12 million in Q3 2024 [10] Market Data and Key Metrics Changes - North American OEM revenue increased approximately 5% quarter over quarter, while European revenue declined approximately 14% due to production challenges and a weaker vehicle mix [4][5] - Revenue in China totaled approximately $34 million, down 35% compared to Q3 2024, reflecting the impact of tariffs [5] Company Strategy and Development Direction - The company is focused on aligning product strategies and optimizing customer relationships post-VOXX acquisition, with a strong emphasis on operational synergies [11] - There is a continued focus on R&D to support growth objectives, particularly in advanced technologies like in-cabin monitoring and dimmable sunroofs [20] Management's Comments on Operating Environment and Future Outlook - The company anticipates a decline in global light vehicle production of approximately 4% in Q4 2025, with a full-year production forecast down 1% [21][22] - Management highlighted the importance of maintaining gross margins despite tariff headwinds and emphasized the need for operational efficiency [23] Other Important Information - The company repurchased 1 million shares at an average price of $28.18 per share during Q3 2025, with a total of 9.8 million shares repurchased year-to-date [12] - Cash and cash equivalents decreased to $178.6 million from $233.3 million at year-end 2024, primarily due to the VOXX acquisition and share repurchases [13] Q&A Session Summary Question: What are the growth headwinds in Europe? - Management indicated that temporary impacts from OEM shutdowns were around $5 million to $6 million, with the primary issue being a shift in vehicle trim mix [27][28] Question: How is the company addressing tariff costs? - Management noted that they recovered 70% to 80% of Q2 tariff costs in Q3 and expect to recover most of the incremental costs in Q4 [29] Question: What is the company's exposure to Nexperia? - The company has some supplies from Nexperia but does not expect significant impact in Q4 [30][32] Question: Are there changes in ordering patterns from customers in Europe? - Management confirmed that there is decontenting on higher-end vehicles as OEMs seek to lower costs due to tariffs [39] Question: What is the outlook for FDM sales? - FDM sales are expected to exceed 2024 numbers by 200,000 to 300,000 units, with strong demand continuing [42][46] Question: What are the targets for VOXX integration? - The company aims to achieve approximately $40 million in free cash flow from VOXX within 18 months post-acquisition, with over $10 million in annualized savings already realized [67][68]

Financial Data and Key Metrics Changes - The company reported consolidated net sales of $655.2 million for Q3 2025, an 8% increase from $608.5 million in Q3 2024, with VOXX contributing $84.9 million [4] - Core Gentex revenue was $570.3 million, representing a 6% decline compared to the same quarter last year [4] - Consolidated gross margin improved to 34.4% from 33.5% in the previous year, with core Gentex gross margin at 34.9%, a 140 basis point increase [5][6] - Consolidated net income attributable to Gentex was $101 million, down from $122.5 million in Q3 2024, primarily due to a one-time gain in the prior period [8][9] Business Line Data and Key Metrics Changes - Automotive net sales were $558 million, down from $596.5 million in Q3 2024, mainly due to lower shipments of auto-dimming mirrors in Europe and China [10] - Other product lines generated $12.3 million in net sales, slightly up from $12 million in Q3 2024 [10] - VOXX net sales contributed $84.9 million during the quarter [10] Market Data and Key Metrics Changes - North American OEM revenue increased approximately 5% quarter-over-quarter, while European revenue declined about 14% due to production challenges and a weaker vehicle mix [4][5] - In China, revenue fell 35% to approximately $34 million, impacted by tariffs and counter-tariff actions [5] Company Strategy and Development Direction - The company is focused on integrating VOXX and optimizing product strategies, customer relationships, and operational synergies [11] - There is a strong emphasis on R&D to support growth objectives, particularly in advanced technologies like in-cabin monitoring and dimmable sunroofs [20][23] - The company aims to maintain gross margins in the high 34% to 35% range moving into next year, contingent on stabilizing tariffs and effective cost control [70][71] Management's Comments on Operating Environment and Future Outlook - Management noted that light vehicle production is expected to decline approximately 4% in Q4 2025, with a full-year production forecast down 1% [21][22] - The company is adapting to ongoing tariff impacts and is focused on improving operational efficiencies to support profitability [23] - Management expressed confidence in the ability to recover tariff costs in Q4 and emphasized the importance of maintaining margins despite market challenges [29][70] Other Important Information - The company repurchased 1 million shares at an average price of $28.18 per share during the quarter, with a total of 9.8 million shares repurchased year-to-date [12] - Cash and cash equivalents decreased to $178.6 million from $233.3 million at year-end 2024, primarily due to the VOXX acquisition and share repurchases [13] Q&A Session Summary Question: What were the growth headwinds in Europe? - Management indicated that approximately $5 million to $6 million in revenue headwinds were due to temporary OEM shutdowns, with the primary issue being vehicle trim mix [26][27] Question: How is the company addressing tariff cost recovery? - Management stated that they recovered 70%-80% of Q2 tariff costs in Q3 and expect to recover most of the incremental costs in Q4 [29] Question: What is the company's exposure to Nexperia? - Management confirmed they have some supply from Nexperia but do not expect significant impact in Q4 [30][32] Question: Are there changes in ordering patterns from customers in Europe? - Management noted that there is decontenting on higher-end vehicles as OEMs seek to lower costs due to tariffs [38] Question: What is the outlook for Full Display Mirror (FDM) sales? - Management expects strong growth in FDM sales, projecting an increase of 200,000-300,000 units in 2025 compared to 2024 [41][44] Question: What are the targets for VOXX integration? - Management is on track to achieve synergy targets within 18 months post-acquisition, with over $10 million in annualized savings already realized [65][66] Question: What are the challenges in the dimmable sunroofs and visors market? - Management highlighted technical challenges related to OEM certification and quality control as key hurdles to commercial viability [56] Question: What is the consumer feedback on the fire protection business? - Management reported positive consumer feedback regarding ease of installation and app integration for products launched in Home Depot [60][62]

Financial Data and Key Metrics Changes - The company reported consolidated net sales of $655.2 million for Q3 2025, an 8% increase from $608.5 million in Q3 2024, with VOXX contributing $84.9 million [4] - Core Gentex revenue was $570.3 million, a 6% decline compared to the same quarter last year [4] - Consolidated gross margin improved to 34.4% from 33.5% year-over-year, with core Gentex gross margin at 34.9%, a 140 basis point increase [5][6] - Consolidated net income attributable to Gentex was $101 million, down from $122.5 million in Q3 2024, primarily due to a one-time gain in the prior period [9][10] Business Line Data and Key Metrics Changes - Automotive net sales were $558 million, down from $596.5 million in Q3 2024, mainly due to lower shipments in Europe and China [11] - Other product lines generated $12.3 million in net sales, slightly up from $12 million in Q3 2024 [11] - VOXX net sales contributed $84.9 million during the quarter [11] Market Data and Key Metrics Changes - North American OEM revenue increased approximately 5% quarter-over-quarter, while European revenue declined about 14% due to production challenges and a weaker vehicle mix [4][5] - In China, revenue was approximately $34 million, down 35% year-over-year, reflecting the impact of tariffs [5] Company Strategy and Development Direction - The company is focused on aligning product strategies and optimizing customer relationships post-VOXX acquisition, aiming for operational synergies [12] - There is a strong emphasis on R&D to support growth objectives, particularly in advanced technologies like dimmable sunroofs and driver monitoring systems [19][20] - The company plans to enhance efficiency and optimization in the VOXX organization to support sustainable profitability [24] Management's Comments on Operating Environment and Future Outlook - The management noted that light vehicle production is expected to decline approximately 4% in Q4 2025, with a full-year forecast of a 1% decrease [22] - The company anticipates consolidated revenue for 2025 to be between $2.5 billion and $2.6 billion, with a gross margin forecast of 33.5% to 34% [23] - Management expressed confidence in maintaining gross margins in the high 34% range into next year, contingent on stabilizing tariffs and effective cost control [60] Other Important Information - The company repurchased 1 million shares at an average price of $28.18 per share during Q3 2025, totaling $28.3 million [12] - Cash and cash equivalents decreased to $178.6 million from $233.3 million at year-end 2024, primarily due to the VOXX acquisition and share repurchases [13] Q&A Session Summary Question: Growth headwinds in Europe - Management indicated that temporary impacts from OEM shutdowns were minor, with the primary issue being a shift in vehicle trim mix affecting revenue [27][28] Question: Gross margin recovery - The company expects to recover most tariff costs in Q4, with a lag effect noted in the reimbursement process [29] Question: Supply chain exposure to Nexperia - Management confirmed some supply from Nexperia but does not anticipate significant impact in Q4, having prepared alternate supply solutions [31] Question: European market ordering patterns - There is evidence of decontenting in higher-end vehicles as OEMs seek to lower costs, impacting overall vehicle content [35] Question: VOXX synergy integration - The integration is ahead of schedule, with positive net income contributions from VOXX noted [45] Question: Dimmable sunroofs and visors market readiness - Challenges remain in achieving commercial viability, particularly in meeting OEM certification requirements [48] Question: Retail consumer fire protection business feedback - Initial consumer feedback has been positive, focusing on ease of installation and app integration [52] Question: Future growth in China - Management anticipates continued headwinds in the China market but remains focused on product offerings to remain competitive [62] Question: Content challenges and growth in Europe - The company is focusing on new technologies to find growth opportunities despite a declining market [66]

Financial Data and Key Metrics Changes - The company reported consolidated net sales of $655.2 million, an 8% increase compared to $608.5 million in the same quarter last year, with VOXX contributing $84.9 million [6][10] - Core Gentex revenue was $570.3 million, representing a 6% decline versus the same quarter last year [6][12] - Consolidated gross margin improved to 34.4% from 33.5% in the previous year, with core Gentex gross margin at 34.9%, a 140 basis point increase [8][12] - Consolidated net income attributable to Gentex was $101 million, down from $122.5 million in the same quarter last year [12][30] - Earnings per diluted share were $0.46 compared to $0.53 in the same quarter last year [12][30] Business Line Data and Key Metrics Changes - Automotive net sales were $558 million, down from $596.5 million in the previous year, primarily due to lower shipments of auto-dimming mirrors in Europe and China [14][15] - Other product lines generated $12.3 million in net sales, slightly up from $12 million in the previous year [15] - VOXX net sales contributed $84.9 million during the quarter [15] Market Data and Key Metrics Changes - North American OEM revenue increased approximately 5% quarter over quarter, while European revenue declined approximately 14% due to production challenges and a weaker vehicle mix [6][7] - In China, revenue totaled approximately $34 million, down 35% compared to the same quarter last year, reflecting the impact of tariffs [7] Company Strategy and Development Direction - The company is focused on improving operational efficiencies and cost control, with a strong emphasis on integrating VOXX and optimizing product strategies [27][30] - There is a commitment to innovation, particularly in advanced features like driver monitoring and in-cabin systems, with plans to launch with three additional customers by 2026 [25][27] - The company aims to maintain gross margins in the high-34% to 35% range moving into next year, emphasizing the importance of pricing and supply chain management [78][80] Management's Comments on Operating Environment and Future Outlook - Management noted that light vehicle production is expected to decline approximately 4% in 2025 compared to the previous year, with a focus on navigating economic challenges in Europe and China [29][30] - The company anticipates continued headwinds in the China market due to a trend towards domestic suppliers [81][82] - Management expressed confidence in achieving synergy targets from the VOXX acquisition, with an expectation of $40 million in free cash flow annually [72][73] Other Important Information - The company repurchased 1 million shares at an average price of $28.18 per share during the quarter, with a total of 9.8 million shares repurchased year-to-date [15][16] - Cash and cash equivalents decreased to $178.6 million from $233.3 million at year-end, primarily due to the VOXX acquisition and share repurchases [16][17] Q&A Session Summary Question: Growth headwinds in Europe - Management indicated that temporary impacts from OEM shutdowns were minor, with the primary issue being a shift in vehicle mix leading to lower content [34][35] Question: Gross margin recovery - Management expects to recover most tariff costs in Q4, noting a lag in reimbursement [38][39] Question: Supply chain exposure to Nexperia - Management confirmed some supply from Nexperia but does not expect significant impact in Q4 [40][42] Question: European market pressure - Management acknowledged decontenting trends among OEMs to lower costs, impacting higher-end vehicles [46][47] Question: VOXX synergy integration - Management reported positive net income contributions from VOXX and is on track to achieve synergy targets [60][62] Question: Dimmable sunroofs and visors - Management highlighted ongoing challenges in achieving commercial viability but remains confident in meeting operational goals [63][64] Question: Retail consumer fire protection business feedback - Early consumer feedback has been positive, focusing on ease of installation and app integration [69][70] Question: FDM adoption challenges - Management noted cost remains a barrier for some OEMs, but progress is being made in increasing take rates [96][97]

Core Insights - The U.S. economy experienced acceleration in October despite the ongoing government shutdown [1] - Businesses reported that high tariffs are negatively impacting exports and creating uncertainty for the upcoming year [1] Economic Performance - Economic activity in October showed signs of speeding up, indicating resilience in the U.S. economy during the government shutdown [1] Business Sentiment - Companies expressed concerns that elevated tariffs are harming export activities [1] - The uncertainty created by tariffs is leading to a pessimistic outlook for the upcoming year among businesses [1]

The S&P 500 Index ($SPX) (SPY) today is up +0.79%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.66%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.04%.  December E-mini S&P futures (ESZ25) are up +0.68%, and December E-mini Nasdaq futures (NQZ25) are up +0.89%. Stock indexes are trading higher after today’s slightly weaker-than-expected US CPI report arguably gave the Fed more latitude to cut interest rates.  The Sep CPI report of +0.3% m/m and +3.0% y/y was slightly weaker than market expecta ...

David, let's start with the inflation data. Is three, the new two, and is it going to stop this Federal Reserve from cutting interest rates. I think the Fed is going to keep on kind of cutting rates is generally a better than expected report.But I think what it really shows is we have a k-shaped economy and it's sort of a k-shaped CPI report. The thing that really jumped out to me is, first of all, our rental cars coming down, there's you know, we've got a big change in demographics here and rents are. Rent ...

Deckers - Deckers shares are under heavy pressure, down approximately 14% following earnings results, adding to a 50% decline earlier this year [1] - The company reported EPS of $1.82 and revenue of $1.43 billion, both better than expected, but provided weaker guidance for 2026 sales at $5.35 billion [1] - Direct-to-consumer sales for Uggs declined by about 10%, while Hoka gained market share, indicating mixed performance [1] - The company anticipates $150 million in unmitigated expenses from tariffs, which is a headwind for the stock [1] Newmont Mining - Newmont Mining's stock is lower despite a significant earnings beat, with adjusted EPS at $1.71 and revenue up 20% to $5.5 billion [1] - The company warned of a dip in Q4 free cash flow due to construction spending in Peru and severance payments accrued in Q3 [1] - The correlation to gold prices has impacted stock performance, with a recent pullback in gold prices affecting investor sentiment [1] Procter & Gamble - Procter & Gamble shares rose by 2.25% after reporting better-than-expected earnings, driven by strong performance in beauty and grooming segments [1][2] - Beauty revenue reached $22.39 billion, with organic sales increasing and beauty sales up 6%, attributed to brands like Olay and SK2 [1] - The CFO noted a stable but challenging consumer environment, with higher-income shoppers trading up while lower-income consumers are more price-sensitive [2]

Proctor and Gamble out with first quarter results um for 2026. Uh earnings of $1.99% uh beat estimates of $1.90%. Revenue 22.4% billion beat estimates of 22.2% billion.The company affirming its fullear guidance. Volumes were flat over the prior year. Pricing was up 1%.Uh joining us now with uh what will be we figure uh unless something changes his last u interview with us as CEO on earnings Proctor and Gamble's John Mhler. Uh he is stepping down as CEO on January 1st taking the role of executive chairman. I ...

Core Insights - Procter & Gamble (P&G) exceeded Wall Street expectations for first-quarter results, driven by strong demand for beauty and hair-care products despite economic uncertainty and higher prices [1] - The company halved its annual tariff cost estimate to approximately $400 million after tax due to Canada lifting retaliatory duties on U.S. goods, leading to a 3% increase in P&G's shares [1] Financial Performance - P&G reported core earnings per share of $1.99, surpassing estimates by 9 cents, supported by a strategy of introducing improved products at higher prices [6] - The company experienced a 50-basis-point decline in operating margins year-over-year, attributed to higher commodity costs and measures to cater to value-conscious consumers [5] Consumer Behavior - There is a bifurcation in consumer behavior, with financially stable shoppers opting for larger pack sizes while lower-income consumers are purchasing smaller packs for essential items [4] - The overall consumer environment is described as "not great, but stable," with a slight slowdown in U.S. consumption across P&G's categories [5] Pricing Strategy - P&G has raised prices in the U.S. to mitigate tariff impacts while lowering prices in Canada following the cancellation of retaliatory tariffs [3] - The company is facing increased discounting from competitors in the U.S. and Europe, particularly in fabric-care and baby-care products, prompting a focus on offering more affordable options [4]