We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Gentex's (GNTX) Q2 Earnings and Revenues Miss, Rise Y/Y
Read MoreHide Full Article
Gentex Corporation (GNTX - Free Report) reported second-quarter 2018 earnings per share of 40 cents, missing the Zacks Consensus Estimate by a penny. However, the bottom-line figure was higher than the year-ago quarter’s figure of 31 cents per share.
During the quarter under review, the company reported net sales of $455 million, missing the Zacks Consensus Estimate of $473 million. However, the top line was higher than the net sales of $443.1 million in second-quarter 2017. When compared with the company’s mid-April forecast of HIS for second-quarter 2018, the light-vehicle production in North America declined by around 3%, leading to lower-than-expected unit shipments and revenues.
Net income for second-quarter 2018 rose 23% to $109 million compared with $88.5 million in second-quarter 2017.
Gentex Corporation Price, Consensus and EPS Surprise
During the reported quarter, the company recorded gross margin of 38%, up from the year-ago quarter figure of 37.7%. The company’s effective tax rate was 15.5%, down from 30.8% during second-quarter 2017, on account of the impacts of the tax planning moves, and Tax Cuts and Jobs Act of 2017.
During the quarter under review, auto-dimming mirror shipments in the North American market remained almost unchanged at 3.15 million units while it rose by 12% to 7.42 million in International market. In total, it rose by 8% year over year to 10.6 million.
Operating expenses during second-quarter 2018 were up 12% to $46.1 million in comparison with operating expenses of $41.3 million in second-quarter 2017, primarily due to increased staffing levels.
Share Repurchase
During second-quarter 2018, the company repurchased 6.3 million common shares at an average price of $23.33 per share. As of Jun 30, 2018, the company had around 19.7 million shares remaining for repurchase.
Financials
Gentex had cash and cash equivalents of $296.7 million as of Jun 30, 2018, compared with $569.7 million as of Dec 31, 2017.
American Axle & Manufacturing has an expected long-term growth rate of 8.1%. Over the past three months, shares of the company have moved up 3.4%.
General Motors has an expected long-term growth rate of 8.8%. Over the past year, shares of the company have gained 10%.
Fox Factory has an expected long-term growth rate of 15.8%. Shares of the company have risen 35.5% over the past year.
Looking for Stocks With Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Gentex's (GNTX) Q2 Earnings and Revenues Miss, Rise Y/Y
Gentex Corporation (GNTX - Free Report) reported second-quarter 2018 earnings per share of 40 cents, missing the Zacks Consensus Estimate by a penny. However, the bottom-line figure was higher than the year-ago quarter’s figure of 31 cents per share.
During the quarter under review, the company reported net sales of $455 million, missing the Zacks Consensus Estimate of $473 million. However, the top line was higher than the net sales of $443.1 million in second-quarter 2017. When compared with the company’s mid-April forecast of HIS for second-quarter 2018, the light-vehicle production in North America declined by around 3%, leading to lower-than-expected unit shipments and revenues.
Net income for second-quarter 2018 rose 23% to $109 million compared with $88.5 million in second-quarter 2017.
Gentex Corporation Price, Consensus and EPS Surprise
Gentex Corporation Price, Consensus and EPS Surprise | Gentex Corporation Quote
Quarter in Details
During the reported quarter, the company recorded gross margin of 38%, up from the year-ago quarter figure of 37.7%. The company’s effective tax rate was 15.5%, down from 30.8% during second-quarter 2017, on account of the impacts of the tax planning moves, and Tax Cuts and Jobs Act of 2017.
During the quarter under review, auto-dimming mirror shipments in the North American market remained almost unchanged at 3.15 million units while it rose by 12% to 7.42 million in International market. In total, it rose by 8% year over year to 10.6 million.
Operating expenses during second-quarter 2018 were up 12% to $46.1 million in comparison with operating expenses of $41.3 million in second-quarter 2017, primarily due to increased staffing levels.
Share Repurchase
During second-quarter 2018, the company repurchased 6.3 million common shares at an average price of $23.33 per share. As of Jun 30, 2018, the company had around 19.7 million shares remaining for repurchase.
Financials
Gentex had cash and cash equivalents of $296.7 million as of Jun 30, 2018, compared with $569.7 million as of Dec 31, 2017.
Currently, Gentex carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the auto space are American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) , General Motors Company (GM - Free Report) and Fox Factory Holding Corp. (FOXF - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
American Axle & Manufacturing has an expected long-term growth rate of 8.1%. Over the past three months, shares of the company have moved up 3.4%.
General Motors has an expected long-term growth rate of 8.8%. Over the past year, shares of the company have gained 10%.
Fox Factory has an expected long-term growth rate of 15.8%. Shares of the company have risen 35.5% over the past year.
Looking for Stocks With Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>