Gentex's Q3 Performance Defies Auto Industry Headwinds, Trims 2024 Outlook
Portfolio Pulse from Nabaparna Bhattacharya
Gentex Corporation reported strong Q3 earnings, beating expectations with EPS of 53 cents and revenues of $608.53 million. Despite a decline in global light vehicle production, Gentex outperformed its primary markets by 12%. However, the company trimmed its 2024 outlook, expecting lower net sales and gross margins than previously forecasted. GNTX shares rose by 4.89% following the report.
October 25, 2024 | 4:00 pm
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Gentex Corporation reported better-than-expected Q3 earnings and revenue, leading to a 4.89% increase in share price. Despite outperforming its primary markets, the company revised its 2024 outlook downward due to weaker light vehicle production.
Gentex's strong Q3 performance, with earnings and revenue surpassing expectations, positively impacted its stock price. However, the downward revision of the 2024 outlook due to weaker vehicle production may temper long-term investor enthusiasm.
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