- Gentex Corp (NASDAQ:GNTX) reported third-quarter FY22 sales growth of 24% year-on-year to $493.6 million, missing the analyst consensus estimate of $496.29 million.
- Automotive net sales improved 23% to $480.9 million. Auto-dimming mirror unit shipments rose 17%.
- Global light vehicle production in Europe, North America, Japan/Korea, and China increased 26% Y/Y.
- The gross profit margin of 29.8% contracted 550 basis points Y/Y.
- Operating expenses rose by 15% to $60.4 million.
- The operating margin was 17.5%, and the operating income rose 1.6% Y/Y to $86.8 million.
- The company held $239 million in cash and equivalents as of September 30, 2022.
- EPS of $0.31 missed the analyst consensus of $0.38.
- “Overall, the third quarter was impacted by the perfect storm of component supply issues that included both scarcity and cost increases, product mix issues, labor shortages, and customer order volatility,” said CEO Steve Downing.
- Outlook: Gentex expects FY22 revenue of $1.90 billion – $1.95 billion (previously $1.87 billion – $1.97 billion), against the consensus of $1.92 billion.
- Additionally, the company still expects calendar year 2023 revenue growth of approximately 15% – 20% above the new 2022 revenue guidance of $1.90 – $1.95 billion.
- Price Action: GNTX shares are trading higher by 0.98% at $25.88 on the last check Friday.
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