Business
Gentex Reports Fourth Quarter and Year End 2021 Financial Results
ZEELAND, Mich., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass and
About this update from Gentex Corporation
[{"type":"text","content":"ZEELAND, Mich., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass and fire protection products, today reported financial results for the fourth quarter and calendar year ended December 31, 2021. Fourth Quarter and Calendar Year 2021 Highlights: Net sales of $419.8 million for the fourth quarterCalendar year 2021 net sales of $1.73 billion were up 3% year over year compared to a 3% reduction in light vehicle production in the Company's primary markets year over year2021 Full Display Mirror® unit shipments grew by 7% year over year to 1.123 millionEarnings per diluted share of $1.50 for calendar year 2021, representing a 6% year over year increaseCash returned to shareholders during 2021 totaled $439.9 million $324.6 million in share repurchases (9.6 million shares)$115.3 million in dividends Fourth Quarter 2021 For the fourth quarter of 2021, the Company reported net sales of $419.8 million, compared to net sales of $529.9 million for the fourth quarter of 2020. The Company's revenue during the quarter was impacted by a 20% quarter over quarter reduction in light vehicle production in the Company's primary markets of North America, Europe, and Japan and Korea. The industry wide electronics component shortages further impacted the Company's revenue negatively during the fourth quarter of 2021. During the quarter, the electronics component shortages primarily impacted the Company's ability to meet customer demand for Full Display Mirror® (FDM), Integrated Toll Module (ITM), and other advanced feature unit shipments. \"Up until the fourth quarter of 2021, the combination of the Company's conservative inventory position along with significant efforts to redesign affected products allowed us to avoid having any meaningful shipment issues stemming from the industry wide electronics component shortages. Unfortunately in the fourth quarter, the shortages began to impact our customer shipments,\" said Steve Downing, President and CEO. \"Impacting our customers by not being able to fully meet their demand is extremely disappointing, but the team did a remarkable job of completing complicated redesigns in record time to avoid more significant customer shortages. Looking into 2022, we are forecasting more growth in FDM based on pent-up demand as well as se...