Business
Gentex Reports Third Quarter 2023 Financial Results
ZEELAND, Mich., Oct. 27, 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., Oct. 27, 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 nine months ended September 30, 2023. 3rd Quarter 2023 Summary Net sales of $575.8 million, a 17% increase compared to the third quarter of 2022Unit shipments of 12.6 million, a 10% increase compared to the third quarter of 2022Gross profit margin of 33.2%, an increase of 340 basis points from the third quarter of 2022Income from operations of $122.4 million, a 41% increase compared to the third quarter of 2022Net income of $104.7 million, a 44% increase compared to the third quarter of 2022Earnings per diluted share of $0.45 for the quarter, a 45% increase compared to the third quarter of 2022 For the third quarter of 2023, the Company reported net sales of $575.8 million, compared to net sales of $493.6 million in the third quarter of 2022, a 17% quarter over quarter increase. For the third quarter of 2023, global light vehicle production in North America, Europe, Japan/Korea, and China increased approximately 5%, compared to the third quarter of 2022. \"While the last few years have been negatively impacted by labor and supply chain issues that limited our ability to meet customer demand, the last several quarters have improved significantly. The growth in the third quarter of 2023 is a continuation of the unit and content growth we experienced during the first half of this year, and is indicative of the success of our technology platforms, including the launch rates and increased take rates of our Full Display Mirror products,” said President and CEO, Steve Downing. \"In terms of performance metrics, our unit growth in the third quarter outperformed the underlying market by 5%, while our revenue beat the market by 12%,” commented Downing. For the third quarter of 2023, the gross margin was 33.2%, compared to a gross margin of 29.8% for the third quarter of 2022. The third quarter of 2023 gross margin increased by 340 basis points on a quarter over quarter basis as a result of the higher sales levels, improvements in freight and tariff related costs, cost recoveries and price increases from customers, and improvements in product mix. However, some of these improvements were partially offset b...