Gentex reports Q1 EPS 47c, consensus 47c

Reports Q1 revenue $590.2M, consensus $598.01M. “Revenue for the first quarter of 2024 of $590.2 million was the highest quarterly sales level in Company history,” said President and CEO, Steve Downing. “During the first quarter of 2024, actual light vehicle production weakened in our primary markets versus the beginning of quarter forecast, which resulted in revenue levels being approximately $20 million lower than our original expectations for the quarter. Despite lower than expected production, revenue for the quarter was not only a Company record, but also represented a 10% outperformance versus the underlying market. The revenue growth in the first quarter of 2024 was driven by strong content growth, as a result of the higher launch rates and increased take rates of our Full Display Mirrors and other advanced features, and strong growth in our outside auto dimming mirror business, which has been the case over the last several quarters. The work we have been executing to increase our total number of features, including investments in additional electronic technologies, is beginning to provide additional revenue growth opportunities for the Company, while de-risking the business by reducing dependence on light vehicle production,” commented Downing.