Gentex Corporation (NASDAQ: GNTX) shares were in the red midday Friday, as the company, a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies, today reported financial results for the three months ended June 30, 2024.
For the second quarter of 2024, the Company reported net sales of $572.9 million, compared to net sales of $583.5 million in the second quarter of 2023. For the second quarter of 2024, light vehicle production in North America, Europe and Japan/Korea declined by 3%, compared to the second quarter of 2023.
According to CEO Steve Downing, “”During the second quarter of 2024, light vehicle production weakened in most of our primary markets. In fact, the quarter began with sales coming close to forecast for both April and May, but then saw a significant change in June that left us well below our forecast for the quarter. In total, the Company’s revenue for the second quarter of 2024 fell short of our beginning of quarter forecast by approximately $50 million, with the biggest impact coming from expected shipments to some of our largest customers.
“As we look to the second half of 2024, light vehicle production forecasts continue to show weakness versus prior year performance, but we expect to return to meaningful outgrowth versus the underlying market in the second half of this year.”
Shares in GNTX staggered $1.48, or 4.6%, to $31.08.
