Gentex Q2 Results Miss Estimates - Gentex (NASDAQ:GNTX)

Gentex Corp GNTX reported second-quarter FY21 net revenue growth of 86.2% year-on-year to $428 million, missing the analyst consensus of $470.58 million.
Automotive net sales improved 89% to $420.6 million. Auto-dimming mirror unit shipments rose 98%, helped by 140% growth in exterior-mirror unit shipments.
Global light vehicle production in its primary regions of Europe, North America, Japan/Korea, and China increased 36% Y/Y.
The gross profit margin of 35.4% expanded 1,631 basis points Y/Y.
Operating expenses rose by 2% to $51.7 million.
The operating margin was 23.3%, and the operating income rose to $99.9 million from an operating loss of $(6.7) million last year.
The company held $353 million in cash and equivalents as of June 30, 2021.
EPS of $0.36 missed the analyst consensus of $0.45.
"In the second half of this year, we expect orders to improve but the supply constraints are causing disruptions that are leading toward higher commodity pricing, higher freight expenses, and inefficiencies in our operations," said CEO Steve Downing.
Outlook: Gentex sees 2H FY21 revenue between $970 million - $1.07 billion.
Price action: GNTX shares are trading higher by 0.13% at $31.90 on the last check Friday.