Gentex Corporation Reports 1% Increase in Net Sales to $2.40 Billion for Fiscal Year 2024

Gentex Corporation reported a modest increase in net sales for the fiscal year ending December 31, 2024, reaching $2.40 billion, a 1% rise from the previous year. This growth occurred despite a 4% decline in light vehicle production in its primary markets. The company attributed its revenue performance to a significant increase in shipments of its Full Display Mirror (FDM) units, which contributed to the highest annual sales in its history. Other segments, including fire protection and dimmable aircraft windows, also saw year-over-year increases of 4% and 9%, respectively.

In terms of profitability, Gentex's gross margin improved slightly to 33.3%, up from 33.2% in 2023, primarily due to supplier cost reductions and lower freight costs. However, these benefits were partially offset by higher labor costs and a less favorable product mix. Operating expenses increased to 13.5% of net sales, driven by a rise in engineering, research, and development costs, which grew by 18% as the company focused on new product launches and redesigns. Net income for the year decreased by 6% to $420.5 million, reflecting the impact of increased operating expenses and impairment charges related to the Vaporsens technology.

Strategically, Gentex has been active in expanding its product offerings and capabilities through acquisitions and partnerships. In 2023, the company acquired technology assets from eSight Corporation, enhancing its portfolio in low-vision smart glasses. Additionally, Gentex announced a partnership with Adasky Ltd. to develop intelligent thermal sensing systems for vehicle safety. The company also plans to acquire VOXX International Corporation, which will provide access to advanced biometric technology and premium audio solutions, further diversifying its product range.

Operationally, Gentex maintained a workforce of 6,184 employees as of January 31, 2025, with no labor union representation. The company continues to invest in its facilities, including a new 345,000 square-foot manufacturing plant in Zeeland, Michigan, and expansions of existing facilities. The company shipped approximately 29.9 million interior automatic-dimming mirrors and 17.8 million exterior mirrors in 2024, maintaining an 86% market share in the automatic-dimming rearview mirror segment.

Looking ahead, Gentex projects revenue for 2025 to be between $2.40 billion and $2.45 billion, based on light vehicle production forecasts. The company anticipates a gross margin of 33.5% to 34.5% and plans to continue investing in technology and product development, with capital expenditures expected to range from $125 million to $150 million. Despite ongoing uncertainties in the automotive market, including geopolitical tensions and supply chain challenges, Gentex remains focused on leveraging its technological expertise to drive future growth.