Gentex Q3 net sales up 24% but gross margin falls; FY2022 margin guidance cut to 32-33%

GENTEX CORP

2022-Q3 EPS reported $0.99 revenue$1,425,310,472

Net sales reached $493.6M (+24% YoY) but gross margin dropped to 29.8% from 35.3% due to cost increases and unfavorable mix.
Net income $72.7M ($0.31 diluted EPS) vs $76.7M ($0.32) a year ago as operating income slipped.
Revised FY2022 revenue guidance to $1.90-1.95B (from $1.87-1.97B) and gross margin to 32%-33% (from 33%-34%).
Company expects margin improvement starting Q4 2022 from customer cost escalation negotiations.
Repurchased 0.9M shares for $22.3M in Q3; 21.5M shares remaining under buyback plan.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

GENTEX CORP reported the third quarter ended September 30, 2022 results: revenue $493.6 million, net income $72.7 million, EPS $0.31 per diluted share.

Period: the third quarter ended September 30, 2022
Revenue: $493.6 million
Net income: $72.7 million
EPS: $0.31 per diluted share
Result: reported results

Exact text from the filing

3rd Quarter 2022 Summary • Net sales of $493.6 million, a 24% increase compared to the third quarter of 2021 • Gross profit margin of 29.8% • Net income of $72.7 million • 4 New Nameplate Launches for Full Display Mirror

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Source: SEC EDGAR

accession 0000355811-22-000041

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