Gentex Corp. said first-quarter 2026 sales rose 17% to $675.4 million from $576.8 million a year earlier, lifted by the addition of Voxx International, which contributed $88.6 million in revenue.
Core Gentex sales, excluding Voxx, increased 2% to $586.8 million, even as global light-vehicle production fell more than 3% from the first quarter of 2025. North American revenue climbed about 6% year over year, helped by continued gains in full display mirror shipments.
Gross margin improved to 33.8% from 33.2% in the prior-year quarter. On a core basis, gross margin was 34.0%, up 80 basis points from the first quarter of 2025. Gentex said the improvement reflected operational efficiencies and favorable product mix, partly offset by tariff-related costs and higher commodity prices.
Operating expenses increased to $105.0 million from $78.7 million a year ago, with $23.2 million of the increase tied to the Voxx acquisition and $2.8 million from intangible asset impairment charges. Core adjusted operating expenses were $78.3 million, up from $75.0 million.
Operating income rose to $123.7 million from $113.0 million. Core Gentex operating income was $117.9 million, up 4% from the prior-year quarter. Adjusted core operating income was $121.4 million, compared with $116.8 million a year earlier.
Other loss was $5.6 million, versus other income of $0.6 million in the first quarter of 2025, driven by lower investment income and impairment charges tied to technology investments and loans receivable.
Net income attributable to Gentex increased to $98.5 million from $94.9 million. Adjusted net income rose to $103.7 million from $98.0 million. Diluted earnings per share increased to $0.46 from $0.42, while adjusted diluted EPS rose to $0.48 from $0.43.
By segment, Gentex Automotive sales edged up to $566.2 million from $563.9 million. Gentex’s other product lines climbed to $20.6 million from $12.9 million, nearly 60% higher, led by $3.4 million of growth in aircraft window sales and $2.1 million increases in both fire protection products and biometrics.
Voxx added $88.6 million in quarterly revenue and was said to have reached profitability one year after the acquisition closed.
Gentex repurchased 3.3 million shares during the quarter for $71.6 million, at an average price of $22.01 per share.
For 2026, Gentex raised its consolidated revenue outlook to $2.65 billion to $2.75 billion from a prior range of $2.60 billion to $2.70 billion. It left gross margin guidance at 34% to 35%, operating expenses at $410 million to $420 million, tax rate at 16% to 18%, capital expenditures at $125 million to $140 million, and depreciation and amortization at $100 million to $110 million.
For 2027, the company now expects revenue of $2.80 billion to $2.90 billion. The market has reacted to these announcements by moving the company's shares 0.55% to a price of $22.05. If you want to know more, read the company's complete 8-K report here.
