Gentex Corporation reported a solid performance for the third quarter and the first nine months of 2024, with notable increases in revenue and profitability compared to the same periods in 2023. For the three months ended September 30, 2024, net sales reached $608.5 million, a 6% increase from $575.8 million in Q3 2023. The automotive segment, which constitutes the majority of the company’s revenue, generated $596.5 million in sales, up from $564.5 million in the prior year. For the nine months ended September 30, 2024, total net sales were $1.77 billion, reflecting a 4% increase from $1.71 billion in the same period of 2023.
Gross profit for Q3 2024 was $204.1 million, compared to $191.4 million in Q3 2023, while gross profit for the nine-month period increased to $594.9 million from $559.3 million. The company’s income from operations for Q3 2024 was $125.7 million, slightly up from $122.4 million in Q3 2023. Net income for the third quarter was $122.5 million, an increase from $104.7 million in the same quarter of the previous year. For the nine months, net income rose to $316.8 million from $311.5 million, with earnings per share (EPS) increasing to $0.54 for Q3 2024 from $0.45 in Q3 2023.
Gentex's balance sheet showed total assets of $2.74 billion as of September 30, 2024, up from $2.61 billion at the end of 2023. Cash and cash equivalents decreased to $179.6 million from $226.4 million, while total shareholders’ investment rose to $2.42 billion from $2.31 billion. The company’s retained earnings also increased to $1.41 billion from $1.34 billion.
Strategically, Gentex has been active in acquisitions, including the purchase of technology assets from eSight Corporation for approximately $18.9 million in cash and a $9.4 million promissory note. This acquisition, completed on November 2, 2023, aims to enhance Gentex's product offerings in the low-vision smart glasses market. The company also repurchased 5.8 million shares of its common stock during the first nine months of 2024, with 10.1 million shares remaining available for repurchase under its plan.
Despite the positive financial results, Gentex faces challenges, including pricing pressures from automotive customers and rising costs of raw materials and labor. The company is implementing cost reduction strategies to mitigate these inflationary pressures. Looking ahead, Gentex expects revenue for the calendar year 2024 to be between $2.35 billion and $2.40 billion, with a gross margin forecasted between 33.5% and 34.0%.
About GENTEX CORP
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