Gentex Q2 net income falls to $72.4M; revenue up 8% but margins shrink; guidance lowered

GENTEX CORP

2022-Q2 EPS reported $0.68 revenue$931,673,777

Net sales $463.4M (+8% YoY), net income $72.4M vs $86.5M, diluted EPS $0.31 vs $0.36.
Gross margin 32.0% (down from 35.4%) due to raw material, labor cost inflation and supply chain issues.
2022 guidance lowered: revenue $1.87-1.97B (prev $1.87-2.02B), gross margin 33-34% (prev 35-36%).
Operating expenses +21% to $62.6M on staffing and redesign costs; OpEx guidance unchanged at $230-240M.
Auto-dimming mirror units +3%; fire protection sales +53%; dimmable aircraft windows -22%.

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