Gentex Reports Second Quarter 2025 Financial Results
Gentex (NASDAQ: GNTX) reported strong Q2 2025 financial results, highlighted by the completion of its VOXX International acquisition. Consolidated net sales reached $657.9 million, up 15% year-over-year, with core Gentex sales of $579.0 million showing 1% growth despite a 2% decline in light vehicle production.
The company achieved a consolidated gross margin of 34.2%, with core Gentex margin reaching 35.3%. Consolidated earnings per diluted share grew 16% to $0.43, while adjusted EPS reached $0.47. During Q2, Gentex repurchased 5.7 million shares for $126.2 million and received board authorization for an additional 40 million share buyback.
The company revised its 2025 guidance, now expecting consolidated revenue of $2.44-$2.61 billion with a gross margin of 33-34%, while noting challenges from reduced China market demand due to counter-tariffs.
Gentex (NASDAQ: GNTX) ha riportato solidi risultati finanziari per il secondo trimestre 2025, evidenziati dal completamento dell'acquisizione di VOXX International. Le vendite consolidate hanno raggiunto 657,9 milioni di dollari, in aumento del 15% rispetto all'anno precedente, con le vendite core di Gentex pari a 579,0 milioni di dollari che hanno registrato una crescita dell'1% nonostante un calo del 2% nella produzione di veicoli leggeri.
La società ha ottenuto un margine lordo consolidato del 34,2%, con un margine core Gentex che ha raggiunto il 35,3%. L'utile per azione diluito consolidato è cresciuto del 16%, arrivando a 0,43 dollari, mentre l'EPS rettificato ha raggiunto 0,47 dollari. Durante il secondo trimestre, Gentex ha riacquistato 5,7 milioni di azioni per un valore di 126,2 milioni di dollari e ha ottenuto l'autorizzazione del consiglio per un ulteriore riacquisto di 40 milioni di azioni.
La società ha rivisto le previsioni per il 2025, prevedendo ora un fatturato consolidato compreso tra 2,44 e 2,61 miliardi di dollari con un margine lordo tra il 33% e il 34%, evidenziando però le difficoltà derivanti dalla riduzione della domanda nel mercato cinese a causa dei contro-dazi.
Gentex (NASDAQ: GNTX) reportó sólidos resultados financieros en el segundo trimestre de 2025, destacando la finalización de la adquisición de VOXX International. Las ventas consolidadas alcanzaron los 657,9 millones de dólares, un aumento del 15% interanual, con ventas centrales de Gentex de 579,0 millones de dólares que mostraron un crecimiento del 1% a pesar de una caída del 2% en la producción de vehículos ligeros.
La compañía logró un margen bruto consolidado del 34,2%, con un margen central de Gentex que alcanzó el 35,3%. Las ganancias por acción diluidas consolidadas crecieron un 16% hasta 0,43 dólares, mientras que el EPS ajustado llegó a 0,47 dólares. Durante el segundo trimestre, Gentex recompró 5,7 millones de acciones por 126,2 millones de dólares y recibió autorización del consejo para una recompra adicional de 40 millones de acciones.
La compañía revisó su guía para 2025, esperando ahora ingresos consolidados de 2,44 a 2,61 mil millones de dólares con un margen bruto del 33-34%, señalando desafíos derivados de la reducción de la demanda en el mercado chino debido a las contratarifas.
Gentex (NASDAQ: GNTX)는 VOXX International 인수 완료를 중심으로 2025년 2분기 강력한 재무 실적을 보고했습니다. 연결 순매출은 전년 대비 15% 증가한 6억 5,790만 달러에 달했으며, 핵심 Gentex 매출은 5억 7,900만 달러로 경량 차량 생산이 2% 감소했음에도 불구하고 1% 성장했습니다.
회사는 연결 총이익률 34.2%를 기록했으며, 핵심 Gentex 이익률은 35.3%에 도달했습니다. 희석 주당순이익은 16% 증가한 0.43달러였고, 조정 EPS는 0.47달러에 달했습니다. 2분기 동안 Gentex는 570만 주를 1억 2,620만 달러에 재매입했으며, 이사회로부터 추가 4,000만 주 주식 재매입 승인을 받았습니다.
회사는 2025년 가이던스를 수정하여 연결 매출을 24억 4천만 달러에서 26억 1천만 달러로 예상하며, 총이익률은 33-34%로 전망했습니다. 다만, 반덤핑 관세로 인한 중국 시장 수요 감소라는 도전 과제도 언급했습니다.
Gentex (NASDAQ : GNTX) a publié de solides résultats financiers pour le deuxième trimestre 2025, marqués par la finalisation de l'acquisition de VOXX International. Les ventes consolidées ont atteint 657,9 millions de dollars, en hausse de 15 % d'une année sur l'autre, avec des ventes principales de Gentex de 579,0 millions de dollars affichant une croissance de 1 % malgré une baisse de 2 % de la production de véhicules légers.
L'entreprise a réalisé une marge brute consolidée de 34,2 %, avec une marge principale Gentex atteignant 35,3 %. Le bénéfice par action dilué consolidé a progressé de 16 % pour s'établir à 0,43 dollar, tandis que le BPA ajusté a atteint 0,47 dollar. Au cours du deuxième trimestre, Gentex a racheté 5,7 millions d'actions pour 126,2 millions de dollars et a reçu l'autorisation du conseil d'administration pour un rachat supplémentaire de 40 millions d'actions.
L'entreprise a révisé ses prévisions pour 2025, s'attendant désormais à un chiffre d'affaires consolidé compris entre 2,44 et 2,61 milliards de dollars avec une marge brute de 33 à 34 %, tout en notant les défis liés à la baisse de la demande sur le marché chinois en raison des contre-tarifs.
Gentex (NASDAQ: GNTX) meldete starke Finanzergebnisse für das zweite Quartal 2025, hervorgehoben durch den Abschluss der Übernahme von VOXX International. Der konsolidierte Nettoumsatz erreichte 657,9 Millionen US-Dollar, ein Anstieg von 15 % im Jahresvergleich, wobei die Kernumsätze von Gentex mit 579,0 Millionen US-Dollar trotz eines Rückgangs der Produktion von Leichtfahrzeugen um 2 % um 1 % wuchsen.
Das Unternehmen erzielte eine konsolidierte Bruttomarge von 34,2 %, wobei die Kernmarge von Gentex 35,3 % erreichte. Der konsolidierte Gewinn je verwässerter Aktie stieg um 16 % auf 0,43 US-Dollar, während das bereinigte Ergebnis je Aktie 0,47 US-Dollar erreichte. Im zweiten Quartal kaufte Gentex 5,7 Millionen Aktien für 126,2 Millionen US-Dollar zurück und erhielt die Zustimmung des Vorstands für einen zusätzlichen Rückkauf von 40 Millionen Aktien.
Das Unternehmen hat seine Prognose für 2025 überarbeitet und erwartet nun einen konsolidierten Umsatz von 2,44 bis 2,61 Milliarden US-Dollar mit einer Bruttomarge von 33-34 %, wobei Herausforderungen durch eine geringere Nachfrage auf dem chinesischen Markt aufgrund von Gegen-Zöllen vermerkt werden.
- Consolidated net sales increased 15% year-over-year to $657.9 million
- Core Gentex gross margin improved 240 basis points to 35.3%
- Consolidated earnings per share grew 16% to $0.43
- New 40 million share repurchase authorization approved
- Strong growth in Full Display Mirror and advanced features offsetting China market challenges
- China sales dropped to $33 million vs forecasted $50-60 million due to tariffs
- Light vehicle production in primary markets declined 2%
- Operating expenses increased to $106.8 million from $73.7 million
- $6.8 million in severance-related expenses incurred
- Reduced 2025 light vehicle production forecast, expected down 3% year-over-year
Insights
Gentex posted solid Q2 results with 15% revenue growth and expanding margins despite production headwinds and China tariff challenges.
Gentex delivered a 15% increase in consolidated revenue to
The most impressive aspect was the substantial margin improvement. Consolidated gross margin expanded
Earnings performance was equally strong with consolidated EPS of
The China market represents a notable challenge, with Q2 sales of approximately
Capital allocation remains shareholder-friendly with 5.7 million shares repurchased during Q2 totaling
Looking ahead, management revised 2025 guidance upward for consolidated revenue to
While future visibility remains limited due to geopolitical uncertainties and tariff issues (particularly affecting China sales), Gentex continues making progress on margin improvement initiatives targeting
ZEELAND, Mich., July 25, 2025 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, medical devices, and consumer electronics, today reported financial results for the three and six months ended June 30, 2025.
Second Quarter 2025 Highlights
- Gentex completed its acquisition of VOXX International Corporation (“VOXX”)
- Gentex and VOXX Consolidated net sales totaled
$657.9 million , a15% increase compared to the second quarter of 2024, which did not include VOXX - Core Gentex net sales (excluding VOXX) totaled
$579.0 million in the second quarter of 2025, a1% quarter-over-quarter increase, versus a2% decline in light vehicle production in the Company’s primary markets - Consolidated gross margin of
34.2% , an increase of 130 basis points from the second quarter of 2024, which did not include VOXX - Core Gentex gross margin (excluding VOXX) of
35.3% , an increase of 240 basis points compared to32.9% in the second quarter of 2024 - Core Gentex gross margin (excluding VOXX) increased 210 basis points sequentially from the first quarter of 2025
- Severance related expenses of
$6.2 million for Gentex and an additional$0.6 million for VOXX were incurred during the quarter - Consolidated income from operations of
$118.5 million - Consolidated net income attributable to Gentex of
$96.0 million a12% increase vs. the second quarter of 2024, which did not include VOXX - Consolidated earnings per diluted share attributable to Gentex of
$0.43 , an increase of16% from the second quarter of 2024, which did not include VOXX - Consolidated adjusted earnings per diluted share attributable to Gentex of
$0.47 after removing expenses related to acquisition costs and severance related charges during the quarter - 5.7 million shares repurchased during the quarter totaling
$126.2 million
Financial Summary
For the second quarter of 2025, the Company reported consolidated net sales of Gentex and VOXX of
For the second quarter of 2025, the Company's consolidated gross margin was
Consolidated operating expenses during the second quarter of 2025 were
Core Gentex operating expenses (excluding VOXX) were
Consolidated income from operations for the second quarter of 2025 was
Total other loss was
During the second quarter of 2025, the Company had an effective tax rate of
Consolidated net income attributable to Gentex for the second quarter of 2025 was
Consolidated earnings per diluted share attributable to Gentex for the second quarter of 2025 were
Revenue By Category
Gentex Automotive
Gentex Automotive net sales were
Gentex Other
Net sales from Gentex’s Other product lines, which include dimmable aircraft windows, fire protection products, medical devices, and biometrics, were
VOXX
VOXX net sales contributed
Share Repurchases
During the second quarter of 2025, the Company repurchased 5.7 million shares of its common stock at an average price of
Future Estimates
The Company’s light vehicle production forecast for the third quarter of 2025 and the remainder of the calendar year is based on the mid-July 2025 S&P Global Mobility outlook for North America, Europe, Japan/Korea, and China. Global light vehicle production for the third quarter of 2025 is expected to be relatively flat versus the third quarter of 2024, while light vehicle production in our primary markets is expected to be down approximately
| Light Vehicle Production (per S&P Global Mobility mid-July light vehicle production forecast) | |||||||||||||
| (in Millions) | |||||||||||||
| Region | Q3 2025 | Q3 2024 | % Change | Calendar Year 2026 | Calendar Year 2025 | Calendar Year 2024 | 2026 vs 2025 % Change | 2025 vs 2024 % Change | |||||
| North America | 3.78 | 3.77 | — | % | 14.32 | 14.85 | 15.45 | (4)% | (4)% | ||||
| Europe | 3.69 | 3.73 | (1)% | 16.80 | 16.74 | 17.17 | — | % | (3)% | ||||
| Japan and Korea | 2.92 | 2.90 | 1 | % | 11.34 | 11.87 | 11.98 | (4)% | (1)% | ||||
| China | 7.36 | 7.30 | 1 | % | 31.24 | 31.23 | 30.09 | — | % | 4 | % | ||
| Total Light Vehicle Production | 17.75 | 17.70 | — | % | 73.70 | 74.69 | 74.69 | (1)% | — | % | |||
Based on the updated light vehicle production forecast, first-half 2025 results, reduced demand in the China market stemming from recently implemented counter-tariffs, and the expected incremental sales contribution from the VOXX acquisition, Gentex is revising its full-year 2025 guidance. The updated guidance reflects the anticipated impact of all known tariffs effective as of July 25, 2025.
2025 Annual Guidance (as of July 25, 2025)
- Consolidated Revenue:
$2.44 –$2.61 billion (New consolidated guidance, previously:$2.15 –$2.32 billion )- Gentex primary markets:
$2.10 –$2.20 billion - Gentex China market:
$100 –$125 million - VOXX Revenue estimate:
$240 –$280 million
- Gentex primary markets:
- Gross Margin:
33% –34% (New consolidated guidance)- Gentex (stand-alone):
34% –34.5% (Previously33% -34% ) - VOXX (stand-alone):
27% –29%
- Gentex (stand-alone):
- Operating Expenses (New consolidated guidance, excluding severance):
$370 –$390 million - Gentex:
$300 –$310 million (unchanged) - VOXX:
$70 –$80 million
- Gentex:
- Tax Rate:
16% –17% (previously:15% –17% )
- Capital Expenditures:
$100 –$125 million (unchanged)
- Depreciation & Amortization:
$91 –$98 million (New consolidated guidance)- Gentex:
$90 –$95 million - VOXX:
$1 -$3 million
- Gentex:
Given the current geopolitical environment, tariff landscape, and evolving customer sourcing strategies, the Company will continue to withhold revenue guidance for calendar year 2026 until we have the required visibility needed to support future guidance.
Closing Remarks
“The second quarter began with a flurry of activity that has not slowed down. We closed the VOXX acquisition on April 1st and then moved very quickly into a chaotic period of global trade uncertainty that lasted for the entire quarter and remains unresolved. It was, nevertheless, a very productive quarter, as we continued to make progress on our path to improved profitability. Our teams are performing at a very high level and our operational efficiency is improving significantly versus the same time last year. These improvements played a key role in driving strong revenue and profitability improvements, despite revenue reductions in the domestic China market and the lower than expected light vehicle production in our primary markets. Over the next several quarters, the Company will continue executing the margin improvement initiatives that are targeted to get the core margin profile in line with our long-term target of 35 -
“On the product front, we continue to make significant strides in the development of large area devices and we remain very confident that the technology breakthroughs we have made in the last year will create significant opportunities for our dimmable visor, sunroof, side-window, and panoramic roof applications globally,” said CTO and COO, Neil Boehm. “Additionally, we continue to make progress on our launches of Driver Monitoring System ("DMS") platforms for four key customers as demand for safety and driver-assist technology continues to accelerate across global markets. We are increasingly confident in the strength of our technology roadmap and our team's ability to deliver the best scalable technology platforms that create value for our customers and end consumers,” concluded Boehm.
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “hope,” “intend,” "likely", “may,” “opinion,” “optimistic,” “plan,” “poised,” “predict,” “project,” “should,” “strategy,” “target,” “will,” "work to," and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company’s control, and could cause the Company’s results to differ materially from those described. These risks and uncertainties include, without limitation: changes in general industry or regional market conditions, including the impact of inflation; changes in consumer and customer preferences for our products (such as cameras replacing mirrors and/or autonomous driving); our ability to be awarded new business; continued uncertainty in pricing negotiations with customers and suppliers; loss of business from increased competition; changes in strategic relationships; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules (including the impact of customer employee strikes); changes in product mix; raw material and other supply shortages; labor shortages, supply chain constraints and disruptions; our dependence on information systems; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration and/or ability to maximize the value of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; changes in tax laws; import and export duty and tariff rates in or with the countries with which we conduct business; negative impact of any governmental investigations and associated litigation, including securities litigation relating to the conduct of our business; and force majeure events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.
The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the heading “Risk Factors” in the Company’s latest Form 10-K and Form 10-Q filed with the SEC, which risks and uncertainties include tariffs that have affected, are affecting, and will continue to affect, general economic and industry conditions, customers, suppliers, and the regulatory environment in which the Company operates. Includes content supplied by S&P Global Mobility Light Vehicle Production Forecast of July 16, 2025 (http://www.gentex.com/forecast-disclaimer).
Second Quarter Conference Call
A conference call related to this news release will be simulcast live on the Internet beginning at 9:30 a.m. ET today, July 25, 2025. Participants who wish to ask questions may register for the call at https://register-conf.media-server.com/register/BIf7f0798ab37d4c09a79f5e827fe371a6.
It is recommended that participants join 10 minutes prior to the event start, although they may register ahead of the call and dial in at any time during the call. Participants may listen to the call via audio streaming https://edge.media-server.com/mmc/p/93tvjya6/. A webcast replay will be available approximately 24 hours after the conclusion of the call at http://ir.gentex.com/events-and-presentations/upcoming-past-events.
About the Company
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a leading supplier of digital vision, connected car, dimmable glass, fire protection technologies, medical devices, and consumer electronics. Visit the Company’s web site at www.gentex.com.
Contact Information:
Gentex Investor & Media Contact
Josh O'Berski
616.931.3505
| GENTEX CORPORATION AUTO-DIMMING MIRROR SHIPMENTS (Thousands) | ||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||
| North American Interior Mirrors | 2,221 | 2,346 | (5)% | 4,470 | 4,608 | (3)% | ||||||
| North American Exterior Mirrors | 1,524 | 1,705 | (11)% | 2,895 | 3,326 | (13)% | ||||||
| Total North American Mirror Units | 3,746 | 4,051 | (8)% | 7,365 | 7,934 | (7)% | ||||||
| International Interior Mirrors | 5,313 | 5,189 | 2 | % | 10,453 | 10,744 | (3)% | |||||
| International Exterior Mirrors | 2,517 | 2,944 | (15)% | 5,300 | 5,978 | (11)% | ||||||
| Total International Mirror Units | 7,830 | 8,133 | (4)% | 15,753 | 16,721 | (6)% | ||||||
| Total Interior Mirrors | 7,534 | 7,535 | — | % | 14,923 | 15,352 | (3)% | |||||
| Total Exterior Mirrors | 4,041 | 4,649 | (13)% | 8,194 | 9,304 | (12)% | ||||||
| Total Auto-Dimming Mirror Units | 11,575 | 12,184 | (5)% | 23,118 | 24,655 | (6)% | ||||||
Note: Percent change and amounts may not total due to rounding.
| GENTEX CORPORATION AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, 2025 and 2024 | ||||||||||||||||
| Supplemental Information | Consolidated | |||||||||||||||
| Gentex | VOXX | 2025 | 2024 | |||||||||||||
| Net Sales | $ | 579,024,658 | $ | 78,833,552 | $ | 657,858,210 | $ | 572,925,778 | ||||||||
| Cost of Goods Sold | 374,545,311 | 58,021,996 | 432,567,307 | 384,362,469 | ||||||||||||
| Gross Profit | 204,479,347 | 20,811,556 | 225,290,903 | 188,563,309 | ||||||||||||
| Engineering, Research & Development | 45,444,027 | 6,027,250 | 51,471,277 | 44,003,994 | ||||||||||||
| Selling, General & Administrative | 29,077,498 | 19,437,857 | 48,515,355 | 29,675,293 | ||||||||||||
| Severance Expense | 6,196,902 | 587,234 | 6,784,136 | — | ||||||||||||
| Operating Expenses | 80,718,427 | 26,052,341 | 106,770,768 | 73,679,287 | ||||||||||||
| Income (Loss) from Operations | 123,760,920 | (5,240,785 | ) | 118,520,135 | 114,884,022 | |||||||||||
| Other (Loss)/Income | (3,141,223 | ) | 91,227 | (3,049,996 | ) | (13,553,043 | ) | |||||||||
| Income (Loss) before Income Taxes | 120,619,697 | (5,149,558 | ) | 115,470,139 | 101,330,979 | |||||||||||
| Income Tax Provision (Benefit) | 20,537,066 | (717,377 | ) | 19,819,689 | 15,290,541 | |||||||||||
| Net Income (Loss) | 100,082,631 | (4,432,181 | ) | $ | 95,650,450 | $ | 86,040,438 | |||||||||
| Less: Net loss attributable to non-controlling interest | — | (389,134 | ) | (389,134 | ) | — | ||||||||||
| Net Income (Loss) Attributable to Gentex Corporation | $ | 100,082,631 | $ | (4,043,047 | ) | $ | 96,039,584 | $ | 86,040,438 | |||||||
| Earnings Per Share Attributable to Gentex Corporation(1) | ||||||||||||||||
| Basic | $ | 0.45 | $ | (0.02 | ) | $ | 0.43 | $ | 0.37 | |||||||
| Diluted | $ | 0.45 | $ | (0.02 | ) | $ | 0.43 | $ | 0.37 | |||||||
| Cash Dividends Declared per Share | $ | 0.120 | $ | 0.120 | ||||||||||||
| (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. | ||||||||||||||||
| GENTEX CORPORATION AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Six Months Ended June 30, 2025 and 2024 | ||||||||||||||||
| Supplemental Information | ||||||||||||||||
| Gentex | VOXX | 2025 | 2024 | |||||||||||||
| Net Sales | $ | 1,155,797,748 | $ | 78,833,552 | $ | 1,234,631,300 | $ | 1,163,150,989 | ||||||||
| Cost of Goods Sold | 759,584,814 | 58,021,996 | 817,606,810 | 772,350,073 | ||||||||||||
| Gross Profit | 396,212,934 | 20,811,556 | 417,024,490 | 390,800,916 | ||||||||||||
| Engineering, Research & Development | 91,368,391 | 6,027,250 | 97,395,641 | 86,185,980 | ||||||||||||
| Selling, General & Administrative | 59,010,503 | 19,437,857 | 78,448,360 | 60,384,602 | ||||||||||||
| Severance Expense | 9,086,014 | 587,234 | 9,673,248 | — | ||||||||||||
| Operating Expenses | 159,464,908 | 26,052,341 | 185,517,249 | 146,570,582 | ||||||||||||
| Income (Loss) from Operations | 236,748,026 | (5,240,785 | ) | 231,507,241 | 244,230,334 | |||||||||||
| Other (Loss)/Income | (2,500,747 | ) | 91,227 | (2,409,520 | ) | (15,251,428 | ) | |||||||||
| Income before Income Taxes | 234,247,279 | (5,149,558 | ) | 229,097,721 | 228,978,906 | |||||||||||
| Provision for Income Taxes | 39,290,603 | (717,377 | ) | 38,573,226 | 34,707,753 | |||||||||||
| Net Income (Loss) | 194,956,676 | (4,432,181 | ) | $ | 190,524,495 | $ | 194,271,153 | |||||||||
| Less: Net loss attributable to non-controlling interest | — | (389,134 | ) | (389,134 | ) | — | ||||||||||
| Net Income (Loss) Attributable to Gentex Corporation | $ | 194,956,676 | $ | (4,043,047 | ) | $ | 190,913,629 | $ | 194,271,153 | |||||||
| Earnings Per Share Attributable to Gentex Corporation(1) | ||||||||||||||||
| Basic | $ | 0.86 | $ | (0.02 | ) | $ | 0.85 | $ | 0.84 | |||||||
| Diluted | $ | 0.86 | $ | (0.02 | ) | $ | 0.85 | $ | 0.84 | |||||||
| Cash Dividends Declared per Share | $ | 0.240 | $ | 0.240 | ||||||||||||
| (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. | ||||||||||||||||
| GENTEX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| June 30, 2025 | December 31, 2024 | ||||
| (Unaudited) | (Note) | ||||
| ASSETS | |||||
| Cash and Cash Equivalents | $ | 119,774,840 | $ | 233,318,766 | |
| Short-Term Investments | 21,303,330 | 22,304,829 | |||
| Accounts Receivable, net | 372,961,789 | 295,344,353 | |||
| Inventories | 475,719,663 | 436,497,445 | |||
| Other Current Assets | 72,217,004 | 49,862,777 | |||
| Total Current Assets | 1,061,976,626 | 1,037,328,170 | |||
| Plant and Equipment - Net | 783,863,952 | 728,481,467 | |||
| Goodwill | 340,668,927 | 340,668,927 | |||
| Long-Term Investments | 267,045,895 | 339,604,044 | |||
| Intangible Assets, net | 186,550,142 | 195,157,160 | |||
| Patents and Other Assets, net | 173,711,794 | 119,581,207 | |||
| Total Other Assets | 967,976,758 | 995,011,338 | |||
| Total Assets | $ | 2,813,817,336 | $ | 2,760,820,975 | |
| LIABILITIES AND SHAREHOLDERS' INVESTMENT | |||||
| Current Liabilities | $ | 336,933,865 | $ | 252,692,676 | |
| Other Non-current Liabilities | 43,755,486 | 36,028,644 | |||
| Redeemable Non-controlling Interest | 2,490,261 | — | |||
| Shareholders' Investment | 2,430,637,724 | 2,472,099,655 | |||
| Total Liabilities & Shareholders' Investment | $ | 2,813,817,336 | $ | 2,760,820,975 | |
Note: The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
GENTEX CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
In this press release, the Company has provided information regarding certain non-GAAP financial measures, which are reconciled to their closest GAAP financial measure in the following schedules. Use of the term "adjusted" or "excluding" in connection with a financial measure identifies and reflects a non-GAAP financial measure.
Non-GAAP Financial Measures: The Company has presented Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Expenses, and Adjusted Operating Income (Loss) as supplemental measures of the Company's performance. Current quarter Adjusted Gross Profit, Adjusted Operating Expenses, and Adjusted Operating Income (Loss) exclude certain purchase price adjustments pursuant to ASC 805, acquisition related costs, and severance costs set forth in the table below. Current quarter Adjusted Gross Margin is defined as Adjusted Gross Profit divided by Net Sales.
| (Unaudited) | ||||||||||||||||
| Three Months Ended June 30, | ||||||||||||||||
| Gentex | VOXX | Consolidated 2025 | Consolidated 2024 | |||||||||||||
| Gross Profit - GAAP | $ | 204,479,347 | $ | 20,811,556 | $ | 225,290,903 | $ | 188,563,309 | ||||||||
| Inventory purchase price step-up adjustments pursuance to ASC 805 | — | 2,498,442 | 2,498,442 | — | ||||||||||||
| Adjusted Gross Profit - (Non-GAAP) | $ | 204,479,347 | $ | 23,309,998 | $ | 227,789,345 | $ | 188,563,309 | ||||||||
| Gross Margin - GAAP | 35.3 | % | 26.4 | % | 34.2 | % | 32.9 | % | ||||||||
| Adjusted Gross Margin - (Non-GAAP) | 35.3 | % | 29.6 | % | 34.6 | % | 32.9 | % | ||||||||
| Operating Expenses - GAAP | 80,718,427 | 26,052,341 | 106,770,768 | 73,679,287 | ||||||||||||
| Less: | ||||||||||||||||
| Acquisition Related Costs | 957,207 | 1,515,844 | 2,473,051 | — | ||||||||||||
| Severance Costs | 6,196,902 | 587,234 | 6,784,136 | — | ||||||||||||
| Adjusted Operating Expenses - (Non-GAAP) | $ | 73,564,318 | $ | 23,949,263 | $ | 97,513,581 | $ | 73,679,287 | ||||||||
| Income (Loss) from Operations - GAAP | 123,760,920 | (5,240,785 | ) | $ | 118,520,135 | $ | 114,884,022 | |||||||||
| Inventory purchase price step-up adjustments pursuance to ASC 805 | — | 2,498,442 | 2,498,442 | — | ||||||||||||
| Acquisition Related Costs | 957,207 | 1,515,844 | 2,473,051 | — | ||||||||||||
| Severance Costs | 6,196,902 | 587,234 | 6,784,136 | — | ||||||||||||
| Adjusted Income (Loss) from Operations - (Non-GAAP) | $ | 130,915,029 | $ | (639,265 | ) | $ | 130,275,764 | $ | 114,884,022 | |||||||
Adjusted Net Income and Adjusted Earnings per Diluted Share: Adjusted Net Income and Adjusted Earnings per Diluted Share are presented as supplemental measures of the Company's performance. Adjusted Net Income is defined as Net Income (Loss) adjusted for purchase price adjustments pursuant to ASC 805, acquisition related costs, and severance costs during the second quarter of 2025. Adjusted Earnings per Diluted Share is defined as Adjusted Net Income (Loss) divided by weighted average diluted shares outstanding.
| (Unaudited) | |||||||||||||
| Three Months Ended June 30, | |||||||||||||
| Gentex | VOXX | Consolidated 2025 | Consolidated 2024 | ||||||||||
| Net Income (Loss) Attributable to Gentex Corporation - GAAP | $ | 100,082,631 | $ | (4,043,047 | ) | $ | 96,039,584 | $ | 86,040,438 | ||||
| Inventory purchase price step-up adjustments pursuance to ASC 805, net of tax | — | 2,068,710 | 2,068,710 | — | |||||||||
| Acquisition Related Costs, net of tax | 792,567 | 1,255,119 | 2,047,686 | — | |||||||||
| Severance Costs, net of tax | 5,131,035 | 486,230 | 5,617,265 | — | |||||||||
| Net Income (Loss) Attributable to Gentex Corporation - (Non-GAAP) | $ | 106,006,233 | $ | (232,988 | ) | $ | 105,773,245 | $ | 86,040,438 | ||||
| Adjusted Basic Earnings Per Share: | |||||||||||||
| Basic | $ | 0.48 | $ | — | $ | 0.47 | $ | 0.37 | |||||
| Diluted | $ | 0.48 | $ | — | $ | 0.47 | $ | 0.37 | |||||
The Company believes that the presentation of these non-GAAP financial measures provides insight into the Company's core performance and trends with respect to the same. Management of the Company similarly uses such non-GAAP financial measures in assessing the business internally.
This press release was published by a CLEAR® Verified individual.
FAQ
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