Gentex Corporation Down 1.82% To $28.70 After Earnings Miss

Friday, January 27, 2023 - Gentex Corporation (GNTX) reported downside earnings and revenues today.

Gentex Corporation's earnings came in at an EPS of $0.37 per share, 3% lower than estimates for an EPS of $0.38 per share. The firm's earnings are up 6% since reporting $0.35 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were downbeat at $493.6 million. That is an increase of 17.58% in revenues from the year-ago report and is 2.04% lower than consensus estimates set at $503.9 million.

The stock is down 1.82% to $28.70 after the report.

Gentex Corporation's revenue expanded at a faster pace than earnings, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 65. Meanwhile, the average Wall Street analyst rated the stock a Buy.

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.