In the fourth quarter, Gentex Corporation (GNTX) announced a net income of $116.9 million, representing a 36% increase over the same period in 2022. The earnings per share also rose by 35%, standing at $0.50 compared to last year's figures. The company outperformed the expected profitability as estimated by eight analysts, surveyed by Thomson Reuters, who predicted a profit per share of $0.44 for the quarter. Generally, these projections disregard any extraordinary items.
At the same time, the quarter saw a 19% surge in net sales, which reached $589.1 million compared to the same quarter of 2022. This performance surpassed the average analysts' revenue estimate of $559.48 million. Automotive net sales alone accounted for $578.7 million, which is significantly higher than the $482.9 million generated during the fourth quarter of the previous year.
Moving forward, Gentex projects revenue for 2024 to range between $2.45 billion and $2.55 billion.
Gentex shares have enjoyed a 5% boost in the pre-market trading on Friday.
