GENTEX CORP
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
GNTX$19.42-0.4%Stored close · as of Nov 10, 2026
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Unaudited Condensed Consolidated Statements of Income
For the Three and Six Months Ended June 30, 2024 and 2023
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| NET SALES | $572,925,778 | $583,472,846 | $1,163,150,989 | $1,134,234,157 |
| COST OF GOODS SOLD | 384,362,469 | 390,389,807 | 772,350,073 | 766,413,887 |
| Gross profit | 188,563,309 | 193,083,039 | 390,800,916 | 367,820,270 |
| OPERATING EXPENSES: | ||||
| Engineering, research and development | 44,003,994 | 37,973,790 | 86,185,980 | 72,627,537 |
| Selling, general & administrative | 29,675,293 | 27,819,861 | 60,384,602 | 54,652,698 |
| Total operating expenses | 73,679,287 | 65,793,651 | 146,570,582 | 127,280,235 |
| Income from operations | 114,884,022 | 127,289,388 | 244,230,334 | 240,540,035 |
| OTHER (LOSS) INCOME | ||||
| Investment (loss) income | (12,393,771) | 2,890,934 | (15,762,295) | 5,830,128 |
| Other income (loss), net | (1,159,272) | (1,576,538) | 510,867 | (1,771,277) |
| Total other (loss) income | (13,553,043) | 1,314,396 | (15,251,428) | 4,058,851 |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 101,330,979 | 128,603,784 | 228,978,906 | 244,598,886 |
| PROVISION FOR INCOME TAXES | 15,290,541 | 19,448,381 | 34,707,753 | 37,865,222 |
| NET INCOME | $86,040,438 | $109,155,403 | $194,271,153 | $206,733,664 |
| EARNINGS PER SHARE: (1) | ||||
| Basic | $0.37 | $0.47 | $0.84 | $0.88 |
| Diluted | $0.37 | $0.47 | $0.84 | $0.88 |
| Cash Dividends Declared per Share | $0.120 | $0.120 | $0.240 | $0.240 |
| (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards. | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three and Six Months Ended June 30, 2024 and 2023
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $86,040,438 | $109,155,403 | $194,271,153 | $206,733,664 |
| Other comprehensive (loss) income before tax: | ||||
| Foreign currency translation adjustments | (509,541) | (1,456,377) | (1,459,754) | (1,577,544) |
| Unrealized gains on debt securities, net | 271 | 554,565 | 52,181 | 3,136,342 |
| Other comprehensive (loss) income, before tax | (509,270) | (901,812) | (1,407,573) | 1,558,798 |
| Income tax impact related to components of other comprehensive (loss) income | 57 | 116,459 | 10,958 | 658,632 |
| Other comprehensive (loss) income, net of tax | (509,327) | (1,018,271) | (1,418,531) | 900,166 |
| Comprehensive income | $85,531,111 | $108,137,132 | $192,852,622 | $207,633,830 |
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