Gentex Q4 Profit Tops Estimates; Net Sales Up 19%

(RTTNews) - Gentex Corporation (GNTX) reported fourth quarter net income of $116.9 million, a 36% increase compared to the fourth quarter of 2022. Earnings per share was $0.50, a 35% increase from last year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.44, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $589.1 million, an increase of 19% from the fourth quarter of 2022. Analysts on average had estimated $559.48 million in revenue. Automotive net sales were $578.7 million, compared to $482.9 million in the fourth quarter of 2022.

For 2024, the company expects revenue in a range of $2.45 billion - $2.55 billion.

Shares of Gentex are up 5% in pre-market trade on Friday.

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