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Gentex Corp GNTX

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Parts Shortages Hurt Gentex's Second Quarter Despite Large Year-Over-Year Improvement

Analyst Note

| David Whiston, CFA, CPA, CFE |

Gentex’s second-quarter results saw significant headwinds from lost production due to parts shortages impacting the auto industry, but we see no reason to change our fair value estimate. Revenue increased by 86% year over year thanks to a soft comparable with the pandemic in 2020, but sales fell by nearly 9% versus second-quarter 2019. Gentex shipped about 2 million less units than it expected at the start of the quarter, which caused diluted EPS of $0.36 to miss the Refinitiv consensus of $0.45.

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Company Profile

Business Description

Gentex was founded in 1974 to produce smoke-detection equipment. The company sold its first glare-control interior mirror in 1982 and its first model using electrochromic technology in 1987. Automotive revenue is about 98% of total revenue, and the company is constantly developing new applications for the technology to remain on top. Sales from 2020 totaled about $1.7 billion with 38.2 million mirrors shipped. The company is based in Zeeland, Michigan.

600 North Centennial Street
Zeeland, MI, 49464
T +1 616 772-1800
Sector Consumer Cyclical
Industry Auto Parts
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 5,303