Tue, Feb 25, 8:04 PM (60 days ago)
Gentex Corporation (GNTX) reported its 2024 10‑K with record net sales of approximately $2.31B, a 1% increase driven mainly by growth in its FDM product shipments despite declines in light vehicle production. Gross margins improved slightly due to lower supplier costs and freight savings, offset by adverse product mix and higher labor expenses. Operating expenses rose due to increased R&D and SG&A spending, while net income declined by roughly 6% to about $404M, yielding basic EPS of $1.77 and diluted EPS of $1.76. The company executed significant share repurchases and maintained a dividend of $0.48 per share. Strategic initiatives include technology investments and strategic acquisitions (e.g., eSight, GalvanEyes) and a pending all-cash merger with VOXX at $7.50 per share to expand its portfolio in automotive, consumer electronics, and biometric solutions. Risks noted include market cyclicality, supply chain challenges, pricing pressures, and competitive threats, while the company remains strong in liquidity and working capital. Forward guidance for 2025 projects revenue between $2.40B and $2.45B, stable margins, and capital expenditures of $125–$150M.