Why Gentex (GNTX) Shares Are Sliding Today - Gentex (NASDAQ:GNTX)

Gentex Corp GNTX reported second-quarter FY22 sales growth of 8% year-on-year, to $463.4 million, missing the consensus of $470.920 million.
Automotive net sales improved 7.6% to $452.9 million. Auto-dimming mirror unit shipments rose 3%.
Global light vehicle production in Europe, North America, Japan/Korea, and China decreased 3% Y/Y.
The gross profit margin of 32% contracted 340 basis points Y/Y.
Operating expenses rose by 21% to $62.6 million.
The operating margin was 18.5%, and the operating income rose 14.1% Y/Y to $85.8 million.
The company held $281.4 million in cash and equivalents as of June 30, 2022.
EPS of $0.31 missed the analyst consensus of $0.38.
"Inflationary pressures on our raw materials, logistics costs, and labor costs are currently impacting our margin profile," said CEO Steve Downing.
Outlook: Gentex expects FY22 revenue of $1.87 billion - $1.97 billion (previously $1.87 billion - $2.02 billion), against the consensus of $1.95 billion.
It expects FY22 gross margin of 33% - 34% (previously 35% - 36%).
Price Action: GNTX shares are trading lower by 4.15% at $28.43 in premarket on the last check Friday.

Gentex Q2 Earnings Miss Estimates As Inflation Woes Persist