GENTEX CORPORATION Reports Second Quarter FY2023 Earnings Results for June 30, 2023
August 2, 2023
🌥️Earnings Overview
On July 28 2023, GENTEX CORPORATION ($NASDAQ:GNTX) reported their earnings results for the second quarter of FY2023, ending on June 30 2023, with total revenue of USD 583.5 million, a 25.9% increase from the same period in the previous year. Their net income also increased by 50.8%, to USD 109.2 million.
Stock Price
On Friday, GENTEX CORPORATION, a leading global manufacturer of automotive, fire protection and commercial smoke detection products, reported its earnings results for the second quarter of FY2023. The company’s stock opened at $32.9 and closed at the same price, up by 3.6% from its last closing price of $31.8. GENTEX CORPORATION was able to achieve solid revenue growth and improved profitability due to its focus on expanding its product portfolio, increasing market penetration, and leveraging its strong brand presence. The company continues to invest in product innovation and research & development in order to provide better solutions to its customers and maintain its growth trajectory.
The company’s stock performance has been further bolstered by the improved financial results. GENTEX CORPORATION is confident that its performance will continue to be strong thanks to its innovative products and strategic investments in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Gentex Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 2.12k | 363.14 | 17.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Gentex Corporation. More…
| Operations | Investing | Financing |
| 343.16 | -172.74 | -209.02 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Gentex Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.49k | 291.16 | 9.09 |
Key Ratios Snapshot
Some of the financial key ratios for Gentex Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 9.7% | 7.7% | 19.9% |
| FCF Margin | ROE | ROA |
| 8.4% | 12.4% | 10.6% |
Analysis
GoodWhale has conducted an analysis of GENTEX CORPORATION‘s financials, and based on our Star Chart, the company has a high health score of 10/10. This indicates that GENTEX CORPORATION is capable to sustain future operations in times of crisis, as it is well-positioned in terms of cashflows and debt. Given this financial strength and stability, GENTEX CORPORATION may be appealing to investors who are looking for a stable investment with steady returns. The company is strong in terms of asset, dividend, and profitability. However, it is weak in terms of growth, so investors should not expect to see any major capital gains in the near future. More…
Peers
The company’s main competitors are Standard Motor Products Inc, Dorman Products Inc, LCI Industries Inc.
– Standard Motor Products Inc ($NYSE:SMP)
As of 2022, Standard Motor Products Inc has a market cap of 764.51M and a ROE of 12.67%. The company manufactures and distributes automotive parts and accessories.
– Dorman Products Inc ($NASDAQ:DORM)
Dorman Products Inc is a leading supplier of automotive replacement parts, including brake parts, engine parts, and suspension parts. The company has a market cap of 2.73B as of 2022 and a Return on Equity of 14.77%. Dorman’s products are sold through a variety of channels, including mass retailers, warehouse clubs, and automotive aftermarket distributors. The company has a strong presence in the United States and also operates in Canada, Mexico, and Europe.
– LCI Industries Inc ($NYSE:LCII)
LCI Industries, through its subsidiaries, manufactures and sells components and systems to the recreational vehicle, marine, commercial, and industrial markets. It operates through two segments, Original Equipment Manufacturing and Aftermarket. The company’s products include awnings, slide-out assemblies and systems, windows, doors, trim products, molded shower units, aluminum extrusions, vinyl and aluminum fencing and gates, lights, and other products. It offers its products under the Lippert Components, Kinro, Better Bath, Gladiator, RadianceLighting, Component Hardware Group, and RVupgrades brand names. LCI Industries was founded in 1955 and is headquartered in Elkhart, Indiana.
Summary
GENTEX CORPORATION reported strong financial results for the second quarter of FY2023, ending June 30th. Total revenue was up 25.9% year-over-year, and net income increased 50.8%. The stock price responded positively on the news, indicating investor confidence in the company’s performance.
Further analysis shows the company’s strong fundamentals, with healthy profit margins and cash flow, and a well diversified customer base. The overall outlook for GENTEX CORPORATION is positive, and investors should continue to monitor the company’s progress.
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