Business
Gentex Reports Fourth Quarter and Year End 2023 Financial Results
ZEELAND, Mich., Jan. 26, 2024 (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. 26, 2024 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies, today reported financial results for the fourth quarter and calendar year ended December 31, 2023. Fourth Quarter and Calendar Year 2023 Highlights: Fourth Quarter 2023 Net sales of $589.1 million, a new quarterly sales record, and a 19% increase compared to the fourth quarter of 2022Gross profit margin of 34.5%, a 330 basis point improvement compared to the fourth quarter of 2022Income from operations of $132.8 million, a 41% increase compared to the fourth quarter of 2022Net income of $116.9 million, a 36% increase compared to the fourth quarter of 2022Earnings per diluted share of $0.50, a 35% increase compared to the fourth quarter of 2022 Calendar Year 2023 Net sales of $2.30 billion, a new annual sales record, and a 20% increase compared to calendar year 2022 Gross profit margin of 33.2%, a 140 basis point improvement as compared to calendar year 2022Income from operations of $495.7 million, a 34% increase compared to calendar year 2022Net income of $428.4 million, a 34% increase compared to calendar year 2022Earnings per diluted share of $1.84, a 35% increase compared to calendar year 2022Full Display Mirror® (\"FDM\") shipments of 2.44 million units, a 45% increase compared to calendar year 2022Cash returned to shareholders of $256.9 million, a 13% increase compared to calendar year 2022 $144.7 million in share repurchases (4.9 million shares)$112.2 million in dividends Fourth Quarter 2023 For the fourth quarter of 2023, the Company reported net sales of $589.1 million, an increase of 19% compared to net sales of $493.6 million for the fourth quarter of 2022. The fourth quarter of 2023 revenue included one-time cost recoveries of approximately $5 million. Light vehicle production increased by 6% quarter over quarter in the Company's primary markets of North America, Europe, and Japan/Korea, which equates to a 13% revenue outperformance versus the Company's underlying markets. The gross margin in the fourth quarter of 2023 was 34.5%, compared with a gross margin of 31.2% in the fourth quarter of 2022. The increase in gross margin in the fourth quarter of 2023 was positively impacted by recurring price increases to customers and one-time c...