Gentex Q1 net sales $468.3M, down 3.2% YoY; net income $87.5M vs $113.5M, EPS $0.37

GENTEX CORP

2022-Q1 EPS reported $0.37 revenue$468,250,776

Net sales $468.3M (down 3% YoY from $483.7M); gross margin fell to 34.3% from 37.9%.
Net income $87.5M ($0.37 diluted EPS) vs $113.5M ($0.46) in Q1 2021, down 23%.
Repurchased 2.44M shares for $71.3M at avg price $29; 22.4M shares remain under buyback plan.
Maintained FY2022 guidance: revenue $1.87-2.02B, gross margin 35-36%, tax rate 15-17%.
Automotive net sales $458.0M (down 4% YoY); auto-dimming mirror shipments down 7%.

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