Business
Gentex Reports Second Quarter 2022 Financial Results
ZEELAND, Mich., July 22, 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., July 22, 2022 (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 three and six months ended June 30, 2022. 2nd Quarter 2022 Summary Net sales of $463.4 million, an 8% increase compared to the second quarter of 2021Gross profit margin of 32.0%Net income of $72.4 million2 New Nameplate Launches for FDM, bringing total nameplates currently shipping to 72 For the second quarter of 2022, the Company reported net sales of $463.4 million, compared to net sales of $428.0 million in the second quarter of 2021, an 8% increase quarter over quarter. For the second quarter of 2022, global light vehicle production in North America, Europe, Japan/Korea, and China decreased approximately 3% when compared to the second quarter of 2021. Light vehicle production in the Company's primary markets of North America, Europe and Japan/Korea, was down 1% on a quarter over quarter basis, primarily driven by vehicle production increases in North America that were more than offset by reductions in Europe and Japan/Korea. \"We were pleased with our sales performance compared to the light vehicle production market, which represented an 9% outperformance to our primary markets and 11% outperformance to the global market. With that said, sales for the quarter fell short of our beginning of quarter forecasts by approximately $70 - $80 million for the quarter. The sales shortfall was primarily driven by the fact that light vehicle production in our primary markets was 4% lower than forecasted at the beginning of the quarter and then was further compounded by supply shortages of certain electronic components that negatively impacted mix for some of our advanced feature products. While there appears to be some improved stability in the light vehicle production environment as compared to a year ago, the Company is still experiencing significant customer order fluctuations on a week-to-week basis. The industry dynamics continue to create a difficult forecasting environment. Nevertheless, the continuing strong demand for light vehicles, combined with the historically low level of light vehicle inventories, should create the opportunity for an improving sales environment as we move throughout the rest of this...