Gentex Corp. (NASDAQ:GNTX) today announced first-quarter 2025 financial results, reporting net income of $94.9 million.
The Zeeland, Michigan-based manufacturer of automatic-dimming rearview mirrors and other related products posted a profit of 42 cents per share on a GAAP basis.
When adjusted for severance costs, the company's earnings reached 43 cents per share, aligning with Wall Street's projections.
A survey of five analysts by Zacks Investment Research had an average estimate of 43 cents per share for the quarter.
However, the company's revenue for the period totaling $576.8 million, missed analysts' forecasts.
Four analysts surveyed by Zacks expected revenue of $587 million.
This represents a decrease of 2% compared to the first quarter of 2024.
The company indicated that a weakening in vehicle trim-mix contributed to a sales shortfall compared to internal forecasts.
Diluted earnings per share also saw an 11% decrease compared to the first quarter of the previous year, coming in at $0.42.
Despite the revenue miss, Gentex reported a gross profit margin of 33.2% for the quarter.
The company also repurchased 3.1 million shares of its common stock at an average price of $24.52 during the quarter.