Gentex Q4 net sales fall 21% YoY; guides 2022 revenue $1.87-2.02B

GENTEX CORP

2021-FY EPS reported $1.50 revenue$1,731,169,929

Q4 net sales $419.8M vs $529.9M; net income $84.2M ($0.35 EPS) vs $143.3M ($0.58 EPS).
Full-year 2021 net sales $1.73B (+3%); EPS $1.50 (+6% YoY); share buybacks $324.6M.
Q4 gross margin 34.3% vs 40.9% on component shortages, higher material/freight/labor costs.
2022 guidance: revenue $1.87-2.02B; gross margin 35%-36%; capex $150-175M; tax rate 15-17%.
Management expects 2023 revenue growth of 15%-20% above 2022 guidance.

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