Business
Gentex Reports Third Quarter 2022 Financial Results
ZEELAND, Mich., Oct. 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., Oct. 28, 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 nine months ended September 30, 2022. 3rd Quarter 2022 Summary Net sales of $493.6 million, a 24% increase compared to the third quarter of 2021Gross profit margin of 29.8%Net income of $72.7 million4 New Nameplate Launches for Full Display Mirror For the third quarter of 2022, the Company reported net sales of $493.6 million, compared to net sales of $399.6 million in the third quarter of 2021, a 24% increase quarter over quarter. For the third quarter of 2022, global light vehicle production in North America, Europe, Japan/Korea, and China increased approximately 26% when compared to the third quarter of 2021. Light vehicle production in the Company's primary markets of North America, Europe and Japan/Korea was up 22% on a quarter over quarter basis. \"Some of the supply chain issues that plagued the industry in the third quarter of 2021 have improved and overall light vehicle production growth contributed to the Company's quarter over quarter revenue growth. Nevertheless, product mix for the third quarter and overall sales levels were still impacted by customer order adjustments, supply chain challenges, and labor availability issues. Together, these headwinds resulted in unit shipments being approximately 750,000 units lower than our original forecast at the beginning of the quarter, which resulted in a significant revenue shortfall versus our beginning of quarter forecast. While there appears to be some improved stability in the light vehicle production environment and the overall supply chain, the Company continues to experience significant customer order fluctuations on a week-to-week basis and difficulty in sourcing advanced electronic components for our most complex products,\" said President and CEO, Steve Downing. For the third quarter of 2022, the gross margin was 29.8%, compared to a gross margin of 35.3% for the third quarter of 2021. Gross margin was impacted on a quarter over quarter basis by raw material cost increases, unfavorable product mix, labor cost increases, and prior commitments to annual customer price reductions. \"The continuation of cost increases in raw materials, ...