Fire protection company Gentex Corporation ( GNTX ) shares are trading higher after the company reported third-quarter earnings per share of 53 cents, beating the street view of 49 cents.

Quarterly revenues of $608.53 million, beating the analyst consensus of $592.14 million.

For the third quarter, the gross margin was 33.5% versus 33.2% a year ago due to the higher revenue levels and purchasing cost reductions.

Operating income was reported at $125.7 million, while net income totaled $122.5 million, marking a 17% increase year over year.

Global light vehicle production declined by 5% in the third quarter compared to the third quarter of 2023.

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“During the third quarter of 2024, light vehicle production weakened across all major regions, but especially in our primary markets,” said Gentex ( GNTX ) President and CEO Steve Downing.

“The production declines resulted in a sales shortfall of approximately $25 – $30 million for the quarter, but despite that weakness in our end markets, we were able to outperform our primary markets by 12%.”

Outlook: Gentex ( GNTX ) has revised its fiscal year 2024 outlook, now expecting net sales to be between $2.35 billion and $2.40 billion ($2.386 billion estimate), compared to the previous guidance of $2.40 billion to $2.50 billion.

The company also projects a gross margin of 33.5% to 34.0%, down from the prior forecast of 34% to 34.5%.

Gentex ( GNTX ) is updating calendar year 2025 revenue estimates to approximately $2.45 billion – $2.55 billion (prior view: $2.6 billion – $2.7 billion).

Price Action: GNTX shares are trading higher by 4.89% to $31.11 at last check Friday.

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