Significant Revenue Growth
Consolidated net sales were $657.9 million, representing a 15% increase over the second quarter of last year. Core Gentex revenue was $579 million, a 1% growth rate despite a 2% decline in light vehicle production in primary markets.
Improvement in Gross Margins
Consolidated gross margin for the quarter was 34.2%, up from 32.9% last year. Core Gentex gross margin improved by 240 basis points to 35.3%.
Successful Acquisition Integration
Gentex completed the acquisition of VOXX, contributing $78.8 million in revenue for the quarter. The acquisition helps offset challenges with tariffs and reduced sales in China.
Strong Earnings Performance
Adjusted net income was $105.8 million, a 23% increase versus last year. Adjusted earnings per share were $0.47, a 27% increase over last year.
New Product Launches
18 net new nameplate launches of interior and exterior auto-dimming mirrors, including advanced features like Full Display Mirror and HomeLink.
Share Repurchase Program
Repurchased 5.7 million shares in the quarter, with a new authorization for an additional 40 million shares.