Gentex First-Quarter Sales Rise 17% to $675.4M, Core Margin Up 80bps
Gentex posted Q1 consolidated net sales of $675.4 million, up 17% year-over-year, as VOXX added $88.6 million and core revenue rose 2% despite a 3% drop in light vehicle production. Consolidated gross margin expanded to 33.8% (core 34.0%), operating income reached $123.7 million and 3.3 million shares were repurchased for $71.6 million.
1. Q1 Financial Highlights
Gentex delivered consolidated net sales of $675.4 million for the quarter ended March 31, 2026, a 17% increase from the prior year. VOXX integration contributed $88.6 million while core Gentex revenue reached $586.8 million, driving operating income to $123.7 million and adjusted core operating earnings to $121.4 million.
2. Regional and Product Trends
North American auto-dimming mirror revenue rose approximately 6% year-over-year, powered by increased Full Display Mirror shipments despite a 2% production decline. In Europe, Japan and Korea, unit volumes fell 8% quarter-over-quarter but revenue dipped only 2% thanks to favorable product mix and new ICMS platform ramps. China revenue declined 29% to about $28 million due to tariff impacts.
3. Margins, Expenses and Buybacks
Consolidated gross margin improved to 33.8% (core 34.0%), up 80 basis points versus Q1 2025, driven by operational efficiencies and mix shifts. Operating expenses rose to $105.0 million, reflecting VOXX acquisition costs and a $2.8 million impairment, while Gentex repurchased 3.3 million shares for $71.6 million during the quarter.