Gentex Corporation (NASDAQ:GNTX) shares are trading lower after the company missed second-quarter earnings estimates and lowered its guidance.

The company reported second-quarter earnings per share of 37 cents, but it missed the street view of 52 cents. Quarterly sales of $572.93 million missed the analyst consensus of $622.79 million.

Automotive net sales were $559.3 million, down from $574.1 million in the second quarter of 2023. Auto-dimming mirror unit shipments decreased by 6%.

“In total, the Company’s revenue for the second quarter of 2024 fell short of our beginning of quarter forecast by approximately $50 million, with the biggest impact coming from expected shipments to some of our largest customers,” said Gentex President and CEO Steve Downing.

For the second quarter of 2024, the gross margin was 32.9%, compared to a gross margin of 33.1% a year earlier.

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“As we look to the second half of 2024, light vehicle production forecasts continue to show weakness versus prior year performance, but we expect to return to meaningful outgrowth versus the underlying market in the second half of this year,” commented Downing. 

Income from operations was $114.9 million, compared to $127.3 million for the second quarter of 2023.

Outlook: Gentex has lowered its FY24 revenue outlook from $2.45 billion-$2.55 billion to $2.40 billion-$2.50 billion, compared to the $2.49 billion estimate.

The company lowered calendar year 2025 revenue estimates to approximately $2.6 billion – $2.7 billion from $2.65 billion – $2.75 billion, which comes below the consensus of $2.687 billion.

Price Action: GNTX shares are trading lower by 7.59% to $30.09 at last check Friday.

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