Gentex reports Q4 EPS 50c, consensus 44c

Reports Q4 revenue $589.132M, consensus $559.48M. “The fourth quarter of 2023 produced significant year over year gross margin improvements, as well as a sequential improvement in gross margin compared to the third quarter of 2023. Our team has done an excellent job of working with our customers to execute both temporary and permanent price increases to help offset the inflationary cost environment that has negatively impacted Gentex over the last two years,” said Gentex President and CEO, Steve Downing. “I am very pleased with the progress we have made in our gross margin recovery plan during 2023. As we head into 2024, the next phase of our gross margin recovery plan will focus on bill of material reductions, throughput improvements, and overtime and scrap cost reductions. The improvements made in 2023 combined with our targeted improvements for 2024 provide the roadmap of how to achieve our target of a 35% – 36% gross margin by the end of the year,” concluded Downing.