Gentex Corporation reported fourth-quarter 2024 net sales of $541.6 million, an 8% decrease compared to $589.1 million in the fourth quarter of 2023. This decline was attributed to a 6% decrease in light vehicle production in primary markets and a weaker vehicle build-mix, resulting in a revenue shortfall of $45 million to $50 million.
The gross margin for Q4 2024 was 32.5%, down from 34.5% in Q4 2023, primarily due to lower sales, unfavorable product mix, and inability to leverage overhead costs. Diluted earnings per share for the quarter were $0.39, compared to $0.50 in the prior year, with net income at $87.7 million.
For the full year 2024, Gentex achieved record net sales of $2.31 billion, a 1% increase over 2023, despite a more than 4% decline in light vehicle production in its primary markets. Full Display Mirror unit shipments increased 21% to 2.96 million units. The company provided 2025 revenue guidance of $2.45 billion to $2.55 billion and 2026 revenue guidance of $2.55 billion to $2.65 billion, excluding the VOXX acquisition impact.
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