Gentex Q2 Results Miss Estimates; Cuts FY24 Revenue Outlook
(RTTNews) - Automotive products firm Gentex Corp. (GNTX) reported on Friday that net income for the second quarter declined to $86.04 million or $0.37 per share from 109.16 million or $0.47 per share in the prior-year quarter.
Net sales for the quarter declined to $572.93 million from $583.47 million in the same quarter last year.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share on revenues of $620.04 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects revenues between $2.40 billion and $2.50 billion, down from the prior forecast between $2.45 billion and $2.55 billion. The Street expects revenues of $2.49 billion for the year.
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