Gentex Corporation reported a significant increase in its financial performance for the second quarter of 2025, with net sales reaching $657.9 million, a 15% rise from $572.9 million in the same period of 2024. This growth was bolstered by the acquisition of VOXX International Corporation, which contributed $78.8 million to the revenue. Excluding VOXX, core Gentex revenue increased by 1% to $579.0 million, despite a 2% decline in light vehicle production in its primary markets. The company’s net income attributable to Gentex rose to $96.0 million, up 12% from $86.0 million in the prior year, reflecting improved operational efficiency and gross margin expansion.
In terms of operational metrics, Gentex's automotive net sales were relatively stable at approximately $1.1 billion for the first half of 2025, with a slight decrease in automotive mirror unit shipments. The company reported a total of 11.6 million auto-dimming mirror units shipped in the second quarter, down from 12.2 million units in the same quarter of 2024. The gross margin for the second quarter improved to 34.6%, up from 32.9% in the previous year, attributed to purchasing cost reductions and operational efficiencies, despite facing tariff-related costs.
The acquisition of VOXX, completed on April 1, 2025, marked a strategic expansion for Gentex, allowing it to enhance its product offerings in automotive electronics and consumer technologies. The company incurred $2.5 million in acquisition-related costs and $6.8 million in severance expenses during the quarter, contributing to a 45% increase in total operating expenses to $106.8 million. Gentex's total liabilities increased to $380.7 million as of June 30, 2025, compared to $288.7 million at the end of 2024, primarily due to the acquisition and increased accrued liabilities.
Looking ahead, Gentex has revised its full-year 2025 revenue guidance to between $2.44 billion and $2.61 billion, reflecting the anticipated impact of tariffs and reduced demand in the China market. The company expects a gross margin of 33% to 34% and plans to continue its share repurchase program, having authorized an additional 40 million shares for repurchase. Despite the positive outlook, Gentex acknowledges ongoing uncertainties related to geopolitical tensions, supply chain disruptions, and fluctuating vehicle production levels, which may affect future performance.
About GENTEX CORP
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