(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Light Vehicle Production (per S&P Global Mobility mid-January light vehicle production forecast) | |||||||||||||||||
(in Millions) | |||||||||||||||||
Region | Calendar Year 2025 | Calendar Year 2024 | Calendar Year 2023 | 2025 vs. 2024 % Change | 2024 vs. 2023 % Change | ||||||||||||
North America | 16.2 | 15.8 | 15.6 | 3 | % | 1 | % | ||||||||||
Europe | 17.5 | 17.4 | 17.8 | 1 | % | (2) | % | ||||||||||
Japan and Korea | 11.8 | 12.2 | 12.7 | (3) | % | (4) | % | ||||||||||
China | 30.1 | 28.9 | 28.9 | 4 | % | — | % | ||||||||||
Total Light Vehicle Production | 75.6 | 74.3 | 75.0 | 2 | % | (1) | % |
2024 Guidance | |||||
Revenue | $2.45 - $2.55 Billion | ||||
Gross Margin | 34% - 35% | ||||
Operating Expenses (E,R&D and S,G&A) | $295 - $305 million | ||||
Estimated Annual Tax Rate | 16% - 18% | ||||
Capital Expenditures | $225 - $250 million | ||||
Depreciation & Amortization | $95 - $105 million |
Three Months Ended December 31, | Twelve Months ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
North American Interior Mirrors | 2,068 | 1,939 | 7 | % | 9,213 | 8,384 | 10 | % | |||||||||||||||||||||||||||
North American Exterior Mirrors | 1,769 | 1,454 | 22 | % | 6,781 | 5,986 | 13 | % | |||||||||||||||||||||||||||
Total North American Mirror Units | 3,837 | 3,393 | 13 | % | 15,993 | 14,369 | 11 | % | |||||||||||||||||||||||||||
International Interior Mirrors | 5,410 | 5,020 | 8 | % | 22,554 | 20,303 | 11 | % | |||||||||||||||||||||||||||
International Exterior Mirrors | 3,109 | 2,591 | 20 | % | 12,048 | 9,516 | 27 | % | |||||||||||||||||||||||||||
Total International Mirror Units | 8,519 | 7,611 | 12 | % | 34,602 | 29,819 | 16 | % | |||||||||||||||||||||||||||
Total Interior Mirrors | 7,478 | 6,959 | 7 | % | 31,767 | 28,686 | 11 | % | |||||||||||||||||||||||||||
Total Exterior Mirrors | 4,878 | 4,045 | 21 | % | 18,828 | 15,502 | 21 | % | |||||||||||||||||||||||||||
Total Auto-Dimming Mirror Units | 12,357 | 11,004 | 12 | % | 50,596 | 44,188 | 15 | % |
Three Months Ended December 31, | Twelve Months ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net Sales | $ | 589,132,396 | $ | 493,647,571 | $ | 2,299,215,044 | $ | 1,918,958,043 | |||||||||||||||
Cost of Goods Sold | 385,763,291 | 339,813,384 | 1,536,585,036 | 1,309,143,858 | |||||||||||||||||||
Gross profit | 203,369,105 | 153,834,187 | 762,630,008 | 609,814,185 | |||||||||||||||||||
Engineering, Research & Development | 41,534,646 | 34,935,068 | 154,359,700 | 133,308,804 | |||||||||||||||||||
Selling, General & Administrative | 29,059,971 | 24,781,407 | 112,539,255 | 106,499,255 | |||||||||||||||||||
Income from operations | 132,774,488 | 94,117,712 | 495,731,053 | 370,006,126 | |||||||||||||||||||
Other Income | 3,127,638 | 1,339,617 | 9,250,121 | (283,050) | |||||||||||||||||||
Income before Income Taxes | 135,902,126 | 95,457,329 | 504,981,174 | 369,723,076 | |||||||||||||||||||
Provision for Income Taxes | 18,957,931 | 9,289,000 | 76,577,902 | 50,965,724 | |||||||||||||||||||
Net Income | $ | 116,944,195 | $ | 86,168,329 | $ | 428,403,272 | $ | 318,757,352 | |||||||||||||||
Earnings Per Share(1) | |||||||||||||||||||||||
Basic | $ | 0.50 | $ | 0.37 | $ | 1.84 | $ | 1.36 | |||||||||||||||
Diluted | $ | 0.50 | $ | 0.37 | $ | 1.84 | $ | 1.36 | |||||||||||||||
Cash Dividends Declared per Share | $ | 0.12 | $ | 0.12 | $ | 0.480 | $ | 0.480 | |||||||||||||||
(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards |
December 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and Cash Equivalents | $ | 226,435,019 | $ | 214,754,638 | |||||||
Short-Term Investments | 14,356,476 | 23,007,385 | |||||||||
Accounts Receivable, net | 321,809,868 | 276,493,752 | |||||||||
Inventories | 402,473,028 | 404,360,270 | |||||||||
Other Current Assets | 32,663,762 | 30,036,331 | |||||||||
Total Current Assets | 997,738,153 | 948,652,376 | |||||||||
Plant and Equipment - Net | 652,877,672 | 550,033,036 | |||||||||
Goodwill | 340,105,631 | 313,807,494 | |||||||||
Long-Term Investments | 299,080,876 | 202,331,983 | |||||||||
Intangible Assets | 214,005,910 | 219,360,910 | |||||||||
Deferred Tax Asset | 41,113,759 | 25,528,700 | |||||||||
Patents and Other Assets | 66,515,551 | 67,515,425 | |||||||||
Total Other Assets | 960,821,727 | 828,544,512 | |||||||||
Total Assets | $ | 2,611,437,552 | $ | 2,327,229,924 | |||||||
LIABILITIES AND SHAREHOLDERS' INVESTMENT | |||||||||||
Current Liabilities | $ | 271,608,976 | $ | 250,552,752 | |||||||
Other Non-current Liabilities | 27,311,507 | 10,884,351 | |||||||||
Shareholders' Investment | 2,312,517,069 | 2,065,792,821 | |||||||||
Total Liabilities & Shareholders' Investment | $ | 2,611,437,552 | $ | 2,327,229,924 |
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Document and Entity Information |
Jan. 26, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jan. 26, 2024 |
Entity Registrant Name | GENTEX CORPORATION |
Entity Central Index Key | 0000355811 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | MI |
Entity File Number | 0-10235 |
Entity Tax Identification Number | 38-2030505 |
Entity Address, Address Line One | 600 North Centennial Street |
Entity Address, City or Town | Zeeland |
Entity Address, State or Province | MI |
Entity Address, Postal Zip Code | 49464 |
City Area Code | 616 |
Local Phone Number | 772-1800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.06 per share |
Trading Symbol | GNTX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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