Gentex Q3 sales rise 6% to record $608.5 million; 2024 revenue outlook cut
Gentex reported record third-quarter 2024 net sales of $608.5 million, up 6% from a year earlier, and diluted earnings per share of $0.53, up 18%. The company lowered its calendar 2024 revenue and gross margin guidance, citing weaker light vehicle production, and said its gross margin target will likely not be reached until 2025.
- Net sales were $608.5 million, up from $575.8 million in Q3 2023, while light vehicle production in the primary markets fell 6%.
- Net income was $122.5 million, up 17%, and diluted EPS was $0.53 versus $0.45, helped by $14.5 million in non-cash gains on tech investments.
- 2024 revenue guidance was lowered to $2.35-$2.40 billion from $2.40-$2.50 billion, and gross margin guidance to 33.5%-34.0% from 34%-34.5%.
- The company repurchased 3.2 million shares at an average price of $30.16 and has about 10.1 million shares left under its plan.