Gentex Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2022
January 27, 2023 at 08:30 am EST
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Gentex Corporation reported earnings results for the fourth quarter and full year ended December 31, 2022. For the fourth quarter, the company reported sales was USD 493.65 million compared to USD 419.84 million a year ago. Net income was USD 86.17 million compared to USD 84.18 million a year ago. Basic earnings per share from continuing operations was USD 0.37 compared to USD 0.36 a year ago. Diluted earnings per share from continuing operations was USD 0.37 compared to USD 0.35 a year ago.
For the full year, sales was USD 1,918.96 million compared to USD 1,731.17 million a year ago. Net income was USD 318.76 million compared to USD 360.8 million a year ago. Basic earnings per share from continuing operations was USD 1.36 compared to USD 1.51 a year ago. Diluted earnings per share from continuing operations was USD 1.36 compared to USD 1.5 a year ago.
Gentex Corporation is a designer, developer, manufacturer, marketer, and supplier of digital vision, connected car, dimmable glass, and fire protection products. The Company provides automatic-dimming and non-automatic-dimming rearview mirrors and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry. The Company's business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. Within this business segment, the Company also designs, develops and manufactures various electronics that are value added features to the interior and exterior automotive rearview mirrors as well as electronics for interior visors, and overhead consoles.