Gentex Corp Stock Price, News & Analysis

On August 10, 2021, May Mobility announced the launch of an on-demand autonomous vehicle (AV) shuttle service in Grand Rapids, Michigan, effective July 26, 2021. This service replaces a fixed route with a more flexible system, covering a 1.36 sq. mile zone with over 20 designated pick-up and drop-off areas. The service operates Monday to Friday from 7 am to 7 pm, offering free rides. The initiative aims to enhance accessibility and connectivity for underserved neighborhoods, supported by technology from Via. The partnership fosters advancements in autonomous transportation.

Gentex Corporation (NASDAQ: GNTX) has declared a quarterly cash dividend of $0.12 per share, payable on October 21, 2021, to shareholders recorded by October 8, 2021. Additionally, the company authorized a share repurchase of 25 million shares. CEO Steve Downing emphasized the importance of financial discipline amid pandemic challenges, focusing on profitability, cash generation, and growth through capital expenditures and mergers. Since 2015, Gentex has repurchased approximately 86 million shares and paid around $720 million in dividends, showcasing its commitment to shareholder value.

Gentex Corporation (NASDAQ: GNTX) reported significant financial results for Q2 2021, showing net sales of $428.0 million, an 86% increase year-over-year. The gross profit margin improved to 35.4%, reflecting strong overhead leverage and product mix. Net income surged to $86.5 million, reversing a loss from 2020, with earnings per diluted share at $0.36. Anticipated challenges include a 7% decline in forecasted light vehicle production and ongoing supply chain issues. Despite this, the company remains optimistic about future growth, projecting 2022 revenues to increase by 10%-15% over 2021 estimates.

Gentex Corporation (NASDAQ: GNTX), based in Zeeland, Michigan, announced it will release its second quarter financial results for 2021 on July 23, 2021, before market opening. A conference call for the investment community is scheduled for 9:30 AM ET to discuss these results. The call is accessible to the public through a live audio webcast, with a dial-in option available. A replay of the webcast will be offered about 24 hours post-call. For additional details, interested parties can visit Gentex's official website.

Gentex Corporation (NASDAQ: GNTX) announced a quarterly cash dividend of $0.12 per share, payable on July 21, 2021. Shareholders of record will be those holding shares at the close of business on July 9, 2021. The Zeeland, Michigan-based company specializes in digital vision, connected car, dimmable glass, and fire protection technologies.

Gentex Corporation (NASDAQ: GNTX) was awarded the 2020 Technology and Development Award by Toyota Motor Corporation for its innovative digital video recorder (DVR) system. This system integrates into Gentex's Full Display Mirror® and records video using vehicle cameras, automatically protecting files during incidents. The development of the DVR system was completed in just 18 months, aided by effective collaboration between Gentex and Toyota despite COVID-19 challenges, significantly shortening the typical development timeline.

Gentex Corporation (NASDAQ: GNTX) has commenced shipments of its Bluetooth-enabled automatic-dimming mirror featuring HomeLink integrated buttons to Volkswagen (VWoA). This innovative product is designed to operate various RF and cloud-based smart home devices. HomeLink, the leading car-to-home automation system, is expected to be a popular option for consumers, launching with the 2022 Volkswagen Taos and expanding to other vehicles. Gentex continues to be a key supplier for the automotive industry, enhancing driver safety and convenience with advanced electronic features.

Gentex Corporation (NASDAQ: GNTX) announced that its 2021 Annual Meeting of Shareholders will now be held virtually due to ongoing COVID-19 regulations. The meeting is scheduled for May 20, 2021, at 4:30 p.m. E.T. Shareholders can participate by accessing this link and using their 16-digit control number. The meeting will address voting on nine director elections, the appointment of Ernst & Young LLP as auditors for 2021, and the advisory approval of executive compensation.

Gentex Corporation (NASDAQ: GNTX) reported Q1 2021 net sales of $483.7 million, increasing 7% year-over-year. Gross profit margin improved to 37.9%, a 340 basis point increase, and net income rose 27% to $113.5 million. Earnings per share reached $0.46, a 28% increase. However, production was hampered by part shortages, leading to an estimated $45 million revenue loss. Operating expenses decreased by 4% to $49.6 million. For 2021, Gentex maintains revenue guidance of $1.94 - $2.02 billion amid ongoing supply chain issues.