Gentex Stock Sinks 7% After Q2 Earnings Miss And Revenue Forecast Slash - Details Here
Portfolio Pulse from Nabaparna Bhattacharya
Gentex Corporation (NASDAQ:GNTX) shares fell by 7.59% after the company missed Q2 earnings estimates and lowered its revenue forecast. The company reported earnings per share of 37 cents, missing the expected 52 cents, and quarterly sales of $572.93 million, below the $622.79 million consensus. Automotive net sales and auto-dimming mirror unit shipments also declined. Gentex lowered its FY24 revenue outlook and its 2025 revenue estimates.
July 26, 2024 | 3:06 pm
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Gentex Corporation's stock dropped 7.59% after the company missed Q2 earnings estimates and lowered its revenue forecast. The company reported earnings per share of 37 cents, missing the expected 52 cents, and quarterly sales of $572.93 million, below the $622.79 million consensus. Automotive net sales and auto-dimming mirror unit shipments also declined. Gentex lowered its FY24 revenue outlook and its 2025 revenue estimates.
The significant miss on both earnings and revenue, along with the lowered future revenue outlook, has led to a sharp decline in Gentex's stock price. The market reaction reflects investor disappointment and concerns about the company's future performance.
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