Significant Revenue Growth
Consolidated net sales increased by 15% year-over-year to $657.9 million, driven by the acquisition of VOXX and strong growth in Full Display Mirror and advanced features.
Improved Gross Margin
Consolidated gross margin increased to 34.2%, up from 32.9% last year, with core Gentex gross margin showing a 240 basis point improvement to 35.3%.
Strong Operating Income and EPS Growth
Core Gentex operating income increased by 8% year-over-year to $123.8 million, and adjusted EPS increased by 27% to $0.47.
Product Launch Success
18 new nameplate launches of interior and exterior auto-dimming mirrors and electronic features, with Full Display Mirror and HomeLink as primary technologies.
Share Repurchase Program
Announced a new share repurchase authorization of 40 million shares, representing more than 18% of outstanding shares.