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Gentex Corp GNTX Stock Quote

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Morningstar‘s Stock Analysis GNTX

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Chip Shortage Hurts Gentex's Second Quarter, but We See Potential for Improvement in 2023

Analyst Note

| David Whiston, CFA, CPA, CFE |

Gentex had a rare soft quarter, with diluted earnings per share of $0.31 missing the Refinitiv consensus of $0.38 and the stock falling around 10% on July 22. Second-quarter revenue increased 8.3% year over year to outperform a 3% decline in industry light-vehicle production across North America, Europe, Japan, Korea, and China but still came in about $75 million under management’s expectations and missed consensus by about $7.5 million. We expect volume will recover next year as the chip shortage eventually improves, and Gentex’s balance sheet to us is a fortress, so we see no reason to change our fair value estimate.

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Key Statistics GNTX

Company Profile GNTX

Business Description

Gentex was founded in 1974 to produce smoke-detection equipment. The company sold its first glare-control interior mirror in 1982 and its first model using electrochromic technology in 1987. Automotive revenue is about 98% of total revenue, and the company is constantly developing new applications for the technology to remain on top. Sales in 2021 totaled about $1.7 billion with 41.8 million mirrors shipped. The unit mix breaks out as 65% interior and 35% exterior, versus about 32% exterior in 2020. The company is based in Zeeland, Michigan.

600 North Centennial Street
Zeeland, MI, 49464
T +1 616 772-1800
Industry Auto Parts
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 4,998

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