Gentex (GNTX) Q4 FY2023 earnings: revenue $589 million, up 19.3% on the year

Gentex Corp. (GNTX) reported revenue of $589 million for Q4 FY2023, the quarter ended 31 December 2023, up 19.3% on the same quarter a year earlier. Net income was $117 million, up 35.7% on the year, and diluted earnings per share $0.50. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$589 millionup 19.3%

Net income$117 millionup 35.7%

Diluted EPS$0.50

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	589	576	n/a	n/a
Cost of revenue	386	384	n/a	n/a
Gross profit	203	191	n/a	n/a
Gross margin	34.5%	33.2%	n/a
Research and development	41.5	40.2	n/a	n/a
Selling, general and administrative	29.1	28.8	n/a	n/a
Operating income	133	122	n/a	n/a
Operating margin	22.5%	21.3%	n/a
Pre-tax income	136	124	n/a	n/a
Income tax	19.0	19.8	n/a	n/a
Effective tax rate	13.9%	15.9%	n/a
Net income	117	105	n/a	n/a
Net margin	19.9%	18.2%	n/a
Diluted EPS	$0.50	$0.45	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	170	126	n/a	n/a
Capital expenditure	62.3	31.1	n/a	n/a
Free cash flow	107	94.8	n/a	n/a
Free cash flow margin	18.2%	16.5%	n/a
Cash from investing	-110	-62.7	n/a	n/a
Cash from financing	-93.4	-40.3	n/a	n/a
Depreciation and amortisation	22.3	22.2	n/a	n/a
Share-based compensation	10.0	10.9	n/a	n/a
Buybacks	70.5	22.7	n/a	n/a
Dividends paid	28.0	28.0	n/a	n/a
Dividend per share	n/a	$0.12	n/a	n/a
Diluted shares, weighted	n/a	230m	n/a	n/a
Shares outstanding at period end	231m	233m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,313	2,268	n/a	n/a
Non-controlling interest	0.0	n/a	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	n/a	1.9	n/a	n/a
Other liabilities	299	288	n/a	n/a
Total liabilities and equity	2,611	2,558	n/a	n/a
Fixed assets	653	606	n/a	n/a
Goodwill	340	313	n/a	n/a
Intangible assets	214	205	n/a	n/a
Investments	313	290	n/a	n/a
Cash and equivalents	226	261	n/a	n/a
Receivables	322	351	n/a	n/a
Inventory	402	395	n/a	n/a
Other assets	140	137	n/a	n/a
Total assets	2,611	2,558	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024 †	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	576	589	590	573	609	542	577	658	655	644	675	651
Cost of revenue	384	386	388	384	404	365	385	433	430	420	447	410
Gross profit	191	203	202	189	204	176	192	225	225	225	229	241
Gross margin	33%	35%	34%	33%	34%	33%	33%	34%	34%	35%	34%	37%
R&D	40.2	41.5	42.2	44.0	48.2	47.1	45.9	51.5	52.6	53.2	51.7	49.3
SG&A	28.8	29.1	30.7	29.7	30.1	30.5	29.9	48.5	49.7	49.7	49.8	50.0
Operating income	122	133	129	115	126	89.8	113	119	122	120	124	141
Operating margin	21%	23%	22%	20%	21%	17%	20%	18%	19%	19%	18%	22%
Pre-tax income	124	136	128	101	145	97.8	114	115	121	111	118	137
Tax rate	16%	14%	15%	15%	16%	10%	17%	17%	16%	16%	17%	17%
Net income	105	117	108	86.0	123	87.7	94.9	96.0	101	93.0	98.5	115
Net margin	18%	20%	18%	15%	20%	16%	16%	15%	15%	14%	15%	18%
Diluted EPS	$0.45	$0.50	$0.47	$0.37	$0.53	$0.39	$0.42	$0.43	$0.46	$0.43	$0.46	$0.54
Operating cash flow	126	170	130	129	84.7	154	149	166	147	125	137	185
Capital expenditure	31.1	62.3	31.9	31.8	39.3	41.7	36.7	31.1	35.6	25.7	17.0	19.2
Free cash flow	94.8	107	98.0	97.5	45.4	113	112	135	111	99.8	120	165
Buybacks	22.7	70.5	41.2	46.7	96.6	21.5	67.8	131	30.2	86.5	68.6	69.2
Dividends paid	28.0	28.0	27.8	27.7	27.6	27.3	27.3	27.0	26.3	26.3	25.9	25.6
Shares outstanding	233m	231m	231m	230m	227m	227m	225m	219m	219m	215m	213m	211m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0000355811-24-000011: the filing on EDGAR. All of Gentex Corp.'s filings: EDGAR company page.

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