Gentex Corp drops after Q4 results miss estimates

Gentex

27/01/2023 17:08

** Shares of automotive technology supplier Gentex Corp  GNTX.O 
down ~1.8% at $28.7
    ** GNTX reports Q4 revenue of $493.65 mln, missing analysts'
estimate of $503.93 mln
    ** Company posts a quarterly profit of $0.37/share vs
analysts' estimate of $0.38/share - Refinitiv IBES data
    ** "Margins in the quarter were negatively impacted by sales
that came in below our original forecast for the quarter,
unfavorable product mix, and increases in manufacturing costs,"
says CEO
    ** Co expects FY 2023 revenue of about $2.2 bln and calendar
year 2024 revenue growth of about 10% above 2023 revenue
guidance
    ** Shares of GNTX fell 21.8% in 2022
 (Reporting by Sri Hari N S)
 ((SriHari.NS@thomsonreuters.com;))