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ZEELAND, Mich., Dec. 28, 2023 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), the Zeeland, Michigan-based supplier of digital vision, connected car, dimmable glass, and fire protection technologies, is pleased to announce that it will release its fourth quarter and year end 2023 financial results on Friday, January 26, 2024, before the market opens.
GNTX's 3Q23 results have shown robust revenue growth and margin expansion, driven by continuous product launches and cost reduction initiatives. The anticipated growth in the global car sales market will support GNTX's future growth outlook, as it holds a significant market share in the automotive parts and equipment industry. My conservative comparable valuation revealed that GNTX outperformed its competitors in all areas. Thus, justifying its higher multiples.
Gentex (GNTX) is likely to gain from product launches, product mix, unique technology platforms and the adoption of value-added features. However, soaring operational expenses remain a headwind.
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Gentex (GNTX) registers sales of $564.5 million from its Automotive segment, up 17% year over year and ahead of our estimate of $546.6 million.
Gentex (GNTX) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.31 per share a year ago.
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