Gentex Q1 Results Top Estimates; Backs FY22 Revenue Outlook

(RTTNews) - Automotive products firm Gentex Corp. (GNTX) reported on Friday that net income for the first quarter plunged to $87.53 million or $0.37 per share from 113.45 million or $0.46 per share in the prior-year quarter.

Net sales for the quarter declined to $468.25 million from $483.72 million in the same quarter last year.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.32 per share on revenues of $430.25 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company maintained its revenue guidance in the range of $1.87 billion to $2.02 billion. The Street expects revenues of $1.92 billion for the year.

Additionally, based on the Company's forecasts for light vehicle production for calendar year 2023, the Company still expects calendar year 2023 revenue growth of approximately 15% - 20% above the 2022 revenue guidance.