Gentex Corporation (NASDAQ: GNTX) has reported its financial results for the second quarter of 2025. The company completed its acquisition of Voxx International Corporation, which contributed to a consolidated net sales increase of 15% compared to the second quarter of 2024, reaching $657.9 million. Core Gentex net sales (excluding Voxx) saw a 1% increase to $579.0 million despite a 2% decline in light vehicle production in the company's primary markets.
Consolidated gross margin rose to 34.2%, a 130 basis points increase from the second quarter of 2024. Core Gentex gross margin (excluding Voxx) also saw a significant increase of 240 basis points to 35.3%.
The company reported severance-related expenses of $6.2 million for Gentex and an additional $0.6 million for Voxx during the quarter. Consolidated income from operations reached $118.5 million, while consolidated net income attributable to Gentex stood at $96.0 million, a 12% increase compared to the second quarter of 2024.
Earnings per diluted share attributable to Gentex were reported at $0.43, representing a 16% increase from the second quarter of 2024. Adjusted earnings per diluted share, after removing expenses related to acquisition costs and severance charges during the quarter, reached $0.47, a 27% increase compared to the second quarter of 2024.
Gentex repurchased 5.7 million shares of its common stock during the quarter, totaling $126.2 million. Year-to-date, the company has repurchased 8.8 million shares for a total of $202.2 million. Additionally, the company announced a new share repurchase authorization from the board of directors for an additional 40 million shares, representing more than 18% of the company’s outstanding shares as of June 30, 2025.
Looking ahead, Gentex is revising its full-year 2025 guidance. The updated guidance includes consolidated revenue estimates of $2.44 – $2.61 billion, with a gross margin in the range of 33% – 34%. The company’s light vehicle production forecast for the third and fourth quarters of 2025 and full-year 2025 indicates a downgrade from earlier forecasts, with production in the company's primary markets expected to be down 3% year-over-year.
In closing remarks, Gentex President and CEO, Steve Downing, highlighted the company's progress on the path to improved profitability and its focus on executing margin improvement initiatives.
Following these announcements, the company's shares moved 15.59%, and are now trading at a price of $27.28. For more information, read the company's full 8-K submission here.