News

Gentex Corp. Expects Impact from UAW Strike

1 Mins read

Shares of Gentex Corp. have seen a decline following the company’s announcement that it foresees a negative impact on revenues and margins in the fourth quarter due to the United Auto Workers (UAW) strike.

The stock is currently down 6.2% at $28.50 in midday trading, although it has seen a 4.5% increase throughout this year.

Gentex Corp., headquartered in Zeeland, Michigan and known for its car-safety technology, anticipates a 9% year-on-year decline in North American light vehicle production during the fourth quarter as a result of the ongoing UAW strikes. This is expected to have consequences for the company’s financial results in the current quarter.

Despite exceeding analysts’ forecasts of $567.6 million, Gentex reported a third-quarter sales increase of almost 17%, reaching $575.8 million.

Notwithstanding this positive sales performance, Gentex maintains its full-year 2023 and 2024 revenue guidance while keeping its gross margin and operating expense forecasts unchanged for 2023.

In comparison to the previous year, Gentex recorded a third-quarter profit of $104.7 million, equivalent to 45 cents per share, up from $72.7 million or 31 cents per share. Analysts, as polled by FactSet, had predicted earnings of 43 cents per share.

Related posts
News

Ukrainian drone attack kills one, injures another in Russian border region, says governor By Reuters

1 Mins read
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment…
News

Solana Holds Near $236 As Whale Staking Builds Pressure At Resistance (SOL-USD)

1 Mins read
Whales staked more than $1.5 billion in SOL, reducing circulating supply. Solana (SOL-USD) is trading around $235.87, consolidating after briefly touching $237…
News

A'Court dismisses appeal against citizens' right to public information

2 Mins read
The Court of Appeal sitting in Abuja has delivered two landmark judgments affirming citizens’ right to access public information, dismissing separate appeals…

Leave a Reply

Your email address will not be published. Required fields are marked *

17 + = 25