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- **Revenue resilience**: $655.2 million Q3 revenue (+8% YoY) despite global headwinds, driven by VOXX and North America growth.
- **Gross margin expansion**: 34.4% (vs. 33.5% YoY), despite 90bps tariff impact. Core Gentex margin +140bps to 34.9%.
- **FDM momentum**: 200,000-300,000 units expected in 2025, with Ford Bronco and Volvo launches.
- **VOXX integration success**: $84.9 million contribution, ahead of synergy target with $10 million+ annualized savings.
- **Risk management**: Q4 tariff recovery expected, but 2025 gross margin guidance cautious on China/Europe challenges.

**【CEO Summary Section】**
- Q3 2025 revenue: $655.2 million (+8% YoY), including VOXX ($84.9 million). Core Gentex revenue: $570.3 million (-6% YoY) vs. +2% light vehicle production growth.
- Regional performance: North America +5% QoQ, Europe -14% QoQ (mix shift to lower-trim vehicles), China -35% YoY (tariffs).
- Gross margin: 34.4% (33.5% YoY), driven by North America mix, cost reductions, and operational efficiency. Tariffs reduced margin by 90bps.
- Net income: $101 million (-17% YoY) due to one-time gain in Q3 2024. EPS: $0.46 vs. $0.53 YoY.

**【CFO Financial Commentary】**
- Automotive sales: $558 million (-6% YoY) due to lower Europe/China shipments, offset by North America growth.
- Other products: $12.3 million (stable YoY). VOXX: $84.9 million.
- Share repurchases: $28.3 million in Q3, $230.5 million YTD. Remaining capacity: $39.6 million.
- Cash: $178.6 million (down from $233.3 million due to VOXX acquisition and repurchases).
- Operating cash flow: $146.9 million Q3, $461.6 million YTD.

**【COO/CTO Product Update】**
- FDM sales: 200,000-300,000 units expected in 2025 vs. 2024. Notable launches: Ford Bronco, Volvo dealer-installed option.
- Dimmable sunroofs/visors: Targeting Q1-Q2 2026 for in-house production. Complex manufacturing challenges remain.
- Driver monitoring systems: 3 new customer launches by mid-2026. Guardian Optical acquisition driving growth.

**【Guidance】**
- 2025 revenue: $2.5-2.6 billion (includes VOXX). Gross margin: 33.5-34%. Operating expenses: $380-390 million (ex-severance).
- Tax rate: 16-16.5%. CapEx: $115-125 million. Depreciation: $96-99 million.

**【Q&A Highlights】**
- **Europe challenges**: $5-6 million temporary revenue loss from OEM shutdowns, but ongoing mix shift to lower-content vehicles. Q4 expected to stabilize but remain challenging.
- **Tariff recovery**: Q3 tariffs not fully reimbursed, but Q4 recovery expected. 2025 gross margin guidance reflects tariff headwinds.
- **VOXX integration**: Synergy target of $40 million annualized by Q2 2027. VOXX already accretive to EPS ahead of schedule.
- **FDM outlook**: Strong Q3 growth (200,000-300,000 units vs. 2024). ICE/hybrid adoption offsetting EV delays. 2026 growth expected despite EV market uncertainty.
- **China risks**: Domestic supplier preference trend likely to persist. Focus on new product development to regain share.

Gentex Corporation (GNTX) Q3 2025 Earnings Call Transcript

Revenue

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GNTX

GNTX fundamentals

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