Business
Gentex Reports Second Quarter 2023 Financial Results
ZEELAND, Mich., July 28, 2023 (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 28, 2023 (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, 2023. 2nd Quarter 2023 Summary Net sales of $583.5 million, a quarterly sales record, and a 26% increase compared to the second quarter of 2022Unit shipments of 12.9 million, a quarterly record, and a 21% increase compared to the second quarter of 2022Gross profit margin of 33.1%, an increase of 140 basis points from the first quarter of 2023Income from operations of $127.3 million, a 48% increase compared to the second quarter of 2022Net income of $109.2 million, an increase of 51% compared to the second quarter of 2022Earnings per diluted share of $0.47 for the quarter, an increase of 52% compared to the second quarter of 2022 For the second quarter of 2023, the Company reported net sales of $583.5 million, compared to net sales of $463.4 million in the second quarter of 2022, a 26% quarter over quarter increase and a new quarterly sales record for the Company. For the second quarter of 2023, global light vehicle production in North America, Europe, Japan/Korea, and China increased approximately 18%, when compared to the second quarter of 2022. “So far, 2023 has proven to be the opposite of the last few years with year-to-date sales levels coming in higher than our beginning of the year forecast. As a result of the improvement in light-vehicle production, fewer supply chain challenges, and the continued strong demand for our products, this quarter resulted in an outperformance of 9% compared to our primary markets which include North America, Europe, Japan and Korea. The Company’s growth is being driven by penetration rates of our core electrochromic technology, continued growth in our Full Display Mirror product line, and adoption of other value-add features in the market,” said President and CEO, Steve Downing. For the second quarter of 2023, the gross margin was 33.1%, compared to a gross margin of 32.0% for the second quarter of 2022. The second quarter of 2023 gross margin increased on a quarter over quarter basis as a result of the significantly higher sales levels, manufacturing improvements, cost recoveries from OEM’s, and improvements in freight related costs...