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Gentex updates FY2018 guidance, shares down 4% premarket

Jul. 20, 2018 8:15 AM ETGentex Corporation (GNTX) StockBy: Niloofer Shaikh, SA News Editor
  • Gentex (NASDAQ:GNTX) reports Automotive net sales rose 2% to $444.2M in Q2, aided by an 8% increase in auto-dimming mirror unit shipments sequentially.
  • Total auto-dimming mirror units +779 Y/Y to 10,567.
  • Gross margin rate leveraged 30 bps to 38%, primarily as a result of improved product mix and purchasing cost reductions.
  • Operating margin rate slipped 60 bps to 27.8%.
  • The company repurchased 6.3M shares during the quarter at an average price of $23.33 per share.
  • FY2018 Guidance: Net sales: $1.88B to $1.91B; Gross margin rate: 37.5% to 38.5%; Operating expense: $180M to $185M; Tax rate: 15% to 18%; Capex: $110M to $120M; D&A: $105M to $115M.
  • GNTX -4.31% premarket.

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