Brief: Gentex Q1 Earnings Per Share $0.37

Gentex

22/04/2022 13:09

April 22 (Reuters) - Gentex Corp  GNTX.O :
    * GENTEX REPORTS FIRST QUARTER 2022 FINANCIAL RESULTS
    * Q1 SALES $468.3 MILLION VERSUS $483.7 MILLION
    * Q1 EARNINGS PER SHARE $0.37
    * FOR Q1 OF 2022, GLOBAL LIGHT VEHICLE PRODUCTION DECREASED
APPROXIMATELY 5% WHEN COMPARED TO Q1 OF 2021
    * MAKING NO CHANGES TO ITS PREVIOUSLY PROVIDED GUIDANCE FOR
CALENDAR YEAR 2022
    * Q1 EARNINGS PER SHARE VIEW $0.32, REVENUE VIEW $430.3
MILLION --
REFINITIV IBES DATA
    * GENTEX - LIGHT VEHICLE PRODUCTION IN COMPANY'S PRIMARY
MARKETS
OF NORTH AMERICA, EUROPE AND JAPAN/KOREA, DECLINED BY 11% ON A
Q- O- Q BASIS IN QUARTER
    * SEES CALENDAR YEAR 2023 REVENUE GROWTH ABOUT 15% - 20%
ABOVE
2022 REVENUE GUIDANCE OF $1.87 BILLION - $2.02 BILLION
    * GENTEX - DECLINES IN LIGHT VEHICLE PRODUCTION IN QUARTER
WERE
RESULT OF ONGOING INDUSTRY-WIDE COMPONENT SHORTAGES AND GLOBAL
SUPPLY CHAIN CONSTRAINTS
    * GROSS MARGINS WERE IMPACTED IN QUARTER BY RAW MATERIAL
COST
INCREASES
    * CONTINUES TO EXPECT THAT REVENUE WILL REMAIN DIFFICULT TO
FORECAST FOR REMAINDER OF YEAR
    * LIGHT VEHICLE PRODUCTION IN NORTH AMERICA, EUROPE,
JAPAN/KOREA
AND CHINA IS EXPECTED TO BE FLAT FOR Q2 OF 2022 VERSUS Q2 OF
2021
    * SEEN INCREASED LEVELS OF VOLATILITY IN CUSTOMER ORDERS IN
RECENT
WEEKS

Source text for Eikon:  ID:nGNX3rQkH4 
Further company coverage:  GNTX.O 

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