Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies, today reported financial results for the three months ended September 30.
For the third quarter of 2022, the Company reported net sales of $493.6 million, compared to net sales of $399.6 million in the third quarter of 2021, a 24% increase quarter over quarter. For the third quarter of 2022, global light vehicle production in North America, Europe, Japan/Korea, and China increased approximately 26% when compared to the third quarter of 2021.
Light vehicle production in the Company's primary markets of North America, Europe and Japan/Korea was up 22% on a quarter over quarter basis.
Said CEO Steve Downing, "Some of the supply chain issues that plagued the industry in the third quarter of 2021 have improved and overall light vehicle production growth contributed to the Company's quarter over quarter revenue growth. Nevertheless, product mix for the third quarter and overall sales levels were still impacted by customer order adjustments, supply chain challenges, and labour availability issues.
“Together, these headwinds resulted in unit shipments being approximately 750,000 units lower than our original forecast at the beginning of the quarter, which resulted in a significant revenue shortfall versus our beginning of quarter forecast.
GNTX began Friday down 21 cents to $25.42.
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