Fri, Aug 2, 1:48 PM (88 days ago)
Gentex Corporation's Q2 2024 financial performance reflects a slight decline in revenue and profitability. Net sales decreased by 2% year-over-year to $572.9 million, driven by a 3% decline in automotive segment revenue. Automotive mirror unit shipments dropped by 6%, impacting gross profit margins, which slightly narrowed to 32.9%. Operating expenses rose by 12% due to increased R&D and SG&A costs, leading to a 10% decrease in net income to $86.0 million. Earnings per diluted share fell to $0.37 from $0.47 in Q2 2023. Cash flow from operations increased to $259.1 million, while capital expenditures decreased. The company continues to face supply chain and inflationary pressures but maintains a strong financial position with $260.2 million in cash and equivalents. Future guidance anticipates revenue between $2.40 and $2.50 billion for 2024, with ongoing uncertainties in the global automotive market.