Gentex Corporation reported net sales of $608.5 million for the third quarter of 2024, an increase of 5.7% compared to $575.8 million in the third quarter of 2023. This growth occurred despite a 5% decline in global light vehicle production and a 6% decline in Gentex's primary markets during the same period.
The company achieved diluted earnings per share of $0.53, an 18% increase from $0.45 in the prior year's third quarter, with net income rising 17% to $122.5 million. Gross margin improved to 33.5% from 33.2% year-over-year, benefiting from higher revenue and purchasing cost reductions, though operating expenses increased by 13% to $78.3 million due to staffing and engineering fees.
Gentex updated its 2024 revenue guidance to $2.35 billion - $2.4 billion and its 2025 revenue estimate to $2.45 billion - $2.55 billion. The company also reported its first official sales of medical devices, totaling $0.8 million, from the eSight Go product line, and repurchased 3.2 million shares of common stock at an average price of $30.16 per share.
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