GNTX - Earnings call 3 2023 | Gentex Corporation

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Operator

Good day, and thank you for standing by. Welcome to the Gentex Reports Third Quarter 2023 Financial Results. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Josh O'Berski, Director of Investor Relations. Please go ahead.

Josh O'Berski

Thank you. to Call. Corporation welcome Earnings Quarter and Conference Release morning, the Third Gentex XXXX Good O'Berski, Director Neil Josh and Steve Kevin I'm Gentex's Vice CFO. Downing, joined and Nash, President by I'm and of CEO; President Boehm, and of CTO; Finance Investor Relations, to This going on reached live at website is Internet and Gentex call be ir.gentex.com. can the by the reproduced, All redistributed. may not and of Gentex contents Corporation otherwise of this or copied, conference rebroadcast, published, call transcribed are the property retransmitted, be any from meaning liable unauthorized Reports party and any Gentex as contents Corporation earlier and in within will with call the Gentex harbor safe any always the shown responsible of by incurred to on Third statement of conference Corporation use financial for Gentex forward-looking Gentex call. This hold XXXX damages the the information included release contains this the this Quarter respect conference website. morning Gentex press results of

implies conference terms. consent this these in participation call Your to

get Downing, the turn I'll Now will call today. to Steve Steve? who us over started

Steven Downing

Thanks, Josh.

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company million quarter sales quarter of in net third XX% $XXX.X the net reported sales XXXX, of a For XXXX, to increase. the quarter-over-quarter of the of $XXX.X third million compared

third the to North Europe, production XXXX. third and quarter China, America, X%, Korea Japan, light global approximately in XXXX, vehicle increased quarter the For of compared of

half last the labor ability impacted While our issues is supply to limited the this the in Mirror indicative years Display quarter third content have launch of of meet and last growth unit experienced of demand, rates is our platforms, customer technology products. few year have of been quarters by negatively increased a that several significantly. the and growth success rates continuation Full the and first The of our the the improved during chain we take and including

the market performance XX%. third in unit of X%, the our terms beat revenue growth by outperformed our underlying the metrics, while In quarter market by

quarter, of last third gross the gross compared the was margin year. XX.X%, a the quarter of XX.X% For for third to margin

and third as higher by tariff-related levels, improvements from customers costs on in result and a quarter margin mix. XXX points freight gross recoveries of basis increases the basis in a The price sales cost product and increased improvements quarter-over-quarter

year, compared However, the second raw from costs third in to yield of the compared improvements the XX.X% third increased quarter labor and of year. When margin by to were last scrap increases costs, offset improved gross of some material XX.X%. loss these and quarter to as quarter partially this the

with to expand gross seen XX.X% the XX.X% the XXXX X as estimated basis to make recovery end quarter we of during from gross We XXXX XXX take the in year. quarter, far margin that plan this XXXX, pleased XX% end very of the fourth first and points in the the we calendar gross the do year until complete. In amount have quarter quarter. progress margin would months continue I'm of achieving of a following our the the to XXXX our XX% of work first close of but an on to margin have in progress margins to by third year the in made we incredible accomplish order to goal of grew of still so Obviously, in next

million by be XX in expenses, include for improvements material lowering expenses will reducing and yield expenses. Operating scrap loss focus due compared our also and to increased fees, increasing $XX.X in on third million, engineering to staffing but overtime the expenses. and freight operating costs the Our by of quarter expenses during offset next supply $XX year. Operating by in which quarter months related improvements our partially chain lower will and were XX% third operations of last targeted throughput, expenses outbound achieving the increased to primarily quarter-over-quarter, professional

the year business elevated technologies, cost year optimization for and an innovative in new the to calendar as for when awards of promising of third bandwidth last in activities pace research expected to launch invest work throughout with The expenses initiatives to level research with Our VAVE rest $XX.X increased team the quarter our technical support XXXX, this expectations, the continue from are ultimately materials. Income are new R&D R&D was our our future operating we of of for that million, expenses primarily income bill has into and years. continue continuing while in from areas expand we increases year. to and our will add trending operations advanced line focused of products and lay compared our a to as at quarter million capabilities of increase also and is in groundwork $XXX.X the XX% operations amount third for accomplished technologies. of for growth on

was the the deduction. foreign was derived increase. third for million an company was to by had quarter tax quarter income of compared The $XXX.X rate the quarter the which third quarter, XX% a a of net quarter-over-quarter the the of the third the hand third sales increase increase for which details. tangible XX.X%, financial income for last During earnings per compared driven year. I'll net of year, XX% increases of primarily benefit to operating for $X.XX, share income and for Earnings represents of income Kevin now profits. call the were $X.XX result Net the net per the and quarter $XX.X over million, in diluted diluted of share effective primarily to in last third

Kevin Nash

in third XX% decreased protection of to compared aircraft window mirror XX% $X.X quarter and 'XX. in $X 'XX. aircraft Thanks, the million, the the Steve. quarter $XX.X during Automotive $XX.X third sales third unit of dimmable third of repurchases. to in other of increased quarter increase third includes the compared compared Auto-dimming products, to were sales third by million third 'XX million third quarter, which Other to of 'XX. shipments quarter $XXX.X windows increased net sales compared for compared Protection net sales $XXX.X third were quarter in the the with while the million Fire million for by a quarter the fire quarter by sales quarter of dimmable year. Share million 'XX, last net

its million During an the of repurchased per share. common X.X of company $XX.XX at the quarter 'XX, price third stock of average shares

well approximately comparisons share share future sheet shares and strategy, sheet. allocation take repurchases compared were was balance $XXX.X capital receivable accounts investments in cash million. preliminary up 'XX. combined from and of macroeconomic Short-term $XXX.X will issues, cost has levels. method deems $XXX.X and which repurchase up in Cash previously and were cash million, repurchase million, time mentioned the year-to-date. its as September the market equity the are of to investments. pursuant vary of plan. down XX, to of million. Taking the time includes company's common $XXX.X from as company fixed and announced increase to million $XXX.X $XXX.X XX flow $XXX.X $XXX.X remaining a compared to from into sales disclosed to to continue the trends million, The factors increased from As its stock to $XXX.X balance December the were for repurchase investments The Accounts of $XXX.X payable additional will at million support of intends available million XX as look and from previously Inventories in 'XX, September income million, million, over items and XX company equivalents but the the XXXX, long-term account shares due company for to other up appropriate. Shifting quarter today to million, as

for of not but [ paid $XX.X increase due $XXX.X year cash working third 'XX. 'XX CapEx million but expenditures income And were with changes the flow the of year-to-date, September expenditures, and from to year-to-date in third due operations million, compared the the on-take now of million increased update. was The calendar the of hand $XX.X capital. Capital $XX.X And million from operations and There and expenditures quarter was $XX $XX.X approximately compared quarter for year-to-date from flow million 'XX, with XX. quarter worth including year. for is was third $XXX.X income million. compared an amortization million product $XX.X $XXX.X $XX million a Third million third the $XXX.X increase quarter over third also lastly, And were increase the depreciation quarter million capital for as of $XXX million was in which 'XX. to Year-to-date million for $XXX.X year-to-date $XX.X in for working of with approximately in compared shifts were accrued capital million for accrued capital. cash expenditures quarter was net million, When Neil increases 'XX. last ] D&A for to was from the an 'XX. I'll in net with all

Neil Boehm

In of XXXX, experienced the third of product launches. again a high you, Kevin. we level quarter Thank

new disclosed interior mirrors electronic net XX headwinds. launches were of features product exterior of there auto-dimming net and previously quarter, the For nameplate and

mirrors. advanced Additionally, during advanced the and Mirror, Full by quarter, features, HomeLink, of the XX% contained featured exterior led launches third net Display over

higher customers. calendar end in increased for units momentum to Now any shipments Mirror Full has units. and take to performance forecast, be Display approximately continued there Full Full Display significant X.XX current and annual gain launches, Display million we approximately of let's OEM our our quarter, second we Mirror first XXX,XXX be consumers, on Mirror. impacts by driven we to third of on the continues compared XXXX months with increased the which very Full to customers believe is our X our Mirror Display through XXXX, volume year strikes the In calendar been XXXX At shipped if unit And volumes to have strong. that ongoing due achievable estimate increased 'XX. Based at 'XX to led aren't rates. our through has goal focus quarter, the of the

of point state electronic quarter, we supply and As incurred significant focus years, now last leveraging are a where we're covered out components cost chain for over turning last similar issues cost markets, we the lower to materials. X effort base But the at our we've designs, an looking due supply and quality increases drive on our in constraints. of the product labor to bill of cost but optimizing

and help be this In volume displaced drive may the to situations, make quarter to plans teams fourth of our or and to change products the and have the will where some components and us identifying a partnerships, enter development for in we long-term current of create this effort. suppliers of As launch purchasing, XXXX some prepare completely. process need XXXX, new our started process we lose

we scenarios. we'll work And key partners is create win-win be to find strategy move executing. then need with to that's partners, very Our means what suppliers simple, if or this and new to

us and goals them over of of XXXX. applying wave to the for quarter off appropriate to kicked we'll long-term the achieve Steve in happen. I'll be company, closing here now financial to This the and activity fourth the projects more to call redesigned guidance early resource will first is The remarks. and several for make important projects focus hand the these be these back in

Steven Downing

production years Light Europe, on Thanks, last in to and the based quarter vehicle for the Global forecast production quarter increase company's XXXX of light of markets Neil. the to vehicle for XXXX are light for light Japan, and Mobility Korea mid-October X% forecast is expected America, in current XXXX production North XXXX China. XXXX as vehicle The these full vehicle of the year. for production fourth S&P for and compared fourth quarter fourth

XX.X% years year to from compared our For XXXX is forecasted expenses calendar volumes updated billion. XXXX and Fourth between XXXX, forecasted to should the between year to Global year providing year calendar still XXXX is press XXXX. Revenue for XX%. XXXX this expected markets production is vehicle billion these to Operating million. release quarter be vehicle company calendar for are $X.X margins in expected vehicle increase and XXXX. $X.X be guidance the and be forecast, calendar are S&P light production X% light and million shown Mobility estimates today. Gross $XXX from on production Based in and for $XXX between

Given high year, the year-to-date our estimated and end be between performance, forecasted is to which of we now annual lowering rate the for are tax XX.X%. XX%

projects, of the and $XXX year to between million Given capital and and expenditures now million the $XX year. be long for times between the for expected million capital and to amortization is expected be lead $XXX $XXX million depreciation are

between billion the increase record-setting the X% forecast for production for $X.XX expects based year current Additionally, which be year, compared along of currently supply been company's XXXX, for The company chain demand for calendar estimated and strong $X.XX with from pace revenue by advanced to to a vehicle on aided electronic and is XXXX, features. light calendar on the tailwinds to year this XXXX revenue by relief as has constraints outside mirrors company billion. which is the

Our At end XXXX. as same the we outgrowth margin our to time, that strategy execute progress plan succeeding our improved demonstrates to XX% product the of is us of that profitability a path the cost and the with versus reaching toward gross initiatives the additional customers enable continues, our will improvement XX% range by consumers. on accomplish market

remain year completes but mix today, of XXXX. That subdued strikes continue quarter our for that ability improvements will the quarter from and comments in we now grow the be into and While certain of our proceed product perspective, throughout into while can subside gross revenue XXXX, from was fourth margin have end year the by the second quarter this UAW improvement our to margin fourth likely quarter move revenue next as issues throughout by questions. hopefully we both profile to margin sequential a and improving this the The year. the third we impacted and continued confident prepared to to will

Operator

first our will the And question Luke from from Instructions] Junk [Operator come line Baird. of

will Our John America. line of next Murphy Bank come question of from from the

John Murphy

on there's I'm not It the there a why UAW the Just on And Hopefully, implied like strike or wide the guide fourth a resolved with soon? as else EPS. result curious knowing of seems on? fairly that's at it's that moment. quarter just something going a question is is range. going what's getting Or

Steven Downing

encouraging. a about just as I the it's obviously, the this time, through could the continues of that the what Detroit estimate for it same No, some preparing we're the risk. exposure news, while working assuming mean, at we're and be to is even last night, But to X obviously, having longer.

estimates so is fact. our sure consider making And what's we in that that's

John Murphy

may potentially or more been ago. have question. improve second rising, Okay. mix margins And it get you're you're a seeing to volumes then months than just a back opportunity and the set When then lot seems plausible faster potential the expecting than X

targets, about are drivers think little there? gets as to expect and to external? ultimate or Are to strike key to your margin you surprise potentially external they right the faster? than there better may you get the volumes And resolved the gross we what gets progression bit if could a internal upside, now the much continue getting As

Steven Downing

a say lot the I of and is absolutely volumes the the why John. don't and And you're The growth right, reason right. mix be faster. -- is get have I think sales that we'll to there the key

products. saying, a remember that's the content and if really so in increases a through Neil's we reason we're those hey, one things happen, focused the of we're things and of on assuming prepared comments have even where that of products, for lot on comments, the is the one the was coming, feature the lot factors, to And of working cost advanced

So hoping with previously. whereas the order back bill great part in do we also of we product have work It line expect materials that historically, to total in the for that's financial some for to and been the were always it read-through to performance we that mix. be means get to have where a

we some be isn't of his why selling done. plan, is comments on whereas -- and made those prepared In of was our about So other that needs work words, own. during a enough work, that's kind there's its be going to Neil lot have comments, there just to

We have improvements engineering made bill work and materials obviously to in those. some us that order be for have achieve to

Operator

Nichols B. Our from next from question Josh of the will line come Riley.

Josh Nichols

bit, bit kind U.S. mirrors. in clearly, emerging benefiting about penetration of not, penetration where compares some like at it you Or if exterior talked China? in of the seeing about from more and that increased Since little a rates about markets you commentary little to could established where a auto-dimming are in that least your stands rates we for Any you're what interior Europe? you're today? markets, and how in with discuss these And haven't

Steven Downing

Yes.

look outside mirror in the been have much But I think pretty there's if mirrors, rates a of lot really outside including market. take you Asia, especially, China globally. been increasing at growth

take have that rates significantly. of auto-dimming -- even so from with over that, moving moving Display be we're beyond years think that Mirror. the on we've mirrors already launches would about Obviously, the But next period And side inside talking And those that the Display we've you'd one last meaning changed well done look been same time grown Mirror. take biggest number typically the in that Full have a to bit base of of launched, really line. Full rate product couple programs we've from I quite the at that

we're And soon. years. we're that So the been we -- couple for very based have those trends positive over see anytime of what on don't both seeing, last of changing us

Josh Nichols

curious have to very that. to up I it below? going of Is contribution Clearly, there? just to growth. revenue because on that's been pressures the Or just or the Mirrors average stand that's mirrors. some How though impact other ASP it margin? that Display nice above how then become relative the increasingly I'm on cost forward an going the follow does the percentage large know there's corporate And business Full

Steven Downing

right cost Yes. couple ago for talked And average. just a slightly was -- I those minutes of especially electronics would reason that the factors high-end on that brunt the took corporate some of side. we're now, about with a actually of is products we increases, the below of lot say the

why products help as there's a focused to next and so said, in through move to through going effort take those designs we get place on year has margin those sure lot And average making so validation. back we're an that cost to we're that corporate place of then year, optimized line be in that's this and getting closer engineering a effort we profile. Like launch they're to that and

very they don't of terms in it months next years we but for so well X immediate And stage financial sets total impact, the an have the XX to know X, performance.

Josh Nichols

really XQ that any for more anticipating true? question you're on, impact UAW hard large that still back the for right, say obviously, turn. headwinds that last that then I right? know, there or the environment. for it's XX% a impact, potential going for there's 'XX, the any I'll normal take to not so forecasting, some news, in operating then to built range other me, that see a to while spills fair if there's Is guidance good nothing to But U.S. in that's still relatively that But over let you're wider else And growth Ford, someone automakers frame, we From

Steven Downing

our assumption. Yes, that's

that revenue and to we numbers if feel comfortable production fourth estimate rate anywhere a comes at close pretty So in if looking inside can we're X% this that -- in XXXX, the of for range. a growth produce we above S&P's auto quarter year

Operator

our Sachs. next from will Delaney of line the And Mark question come from Goldman

Mark Delaney

Yes.

price you hoping could both was more little and bit click I a First, double depth in cost. around

been in costs some that the go of about opportunity is has talked you've perhaps the maybe dealing an been subsiding. some You your seeing to after inflation input company that with of

in but 'XX, maybe out? you now? secure some thinking OEM recoveries, of start OEMs able more well with some you you about improvement more these in can that as margin how pricing? think extend labor does a as costs how about you're perhaps net with difficult talk you that If get And to then does have customers, And your the little 'XX the pricing as been targets bit particular, laid broadly higher you've as to dynamic that negotiate

Steven Downing

really Yes. about will with Thanks, always hard to focused that those beyond. recovery But of team way to focus, the supplier improving Mark. over are and we're QX I that some of positioning negotiate side, job and X that's deals. the months, has customers. the working OEMs we be of was that which would is on say XX% the through in work us done be known of probably our most why the And with our would on and and last amazing XX an What we've happen going margins well been There's talking still residuals we wave costs costs. now had on internal

focus our like, It's way just all has point, solutions. to Neil's there economics purely engineering time. into cost-efficient isn't also been, more the our So

more redesigns supplier sure team and partners that months, solutions. we the and And so in on become focus standpoint space. on right next a cost-efficient a XX lot product The has going making and from have though, is already effort the actively working to the been

is So of it to engineering this year improvements. more order to is that's in these going negotiation the of be going just accomplish a difficult going it this in after piece, second a lot become required to isn't work because

Mark Delaney

those schedules And have you as understand some China we target to get and a guys potential out especially internationally regions. you in you're the bit it. the could what there, talk be schedules European production a China, and of seeing may Xs in Tier 'XX seeing and talked at about like on more in on Got areas what terms look the key Europe one macroeconomic little schedules. the And as key by the other Okay. you maybe impact production region trajectory particularly of also

Steven Downing

Yes.

-- it's American think of at terms sure, it's I Europe, trend North pretty you similarly in if for I to mean, tended market with look historically, macroeconomic issues.

Europe wouldn't I change see any we're by that's really and interest affected so America, currently. what And in versus already seeing mostly in rates North real

a China an underlying Europe. the money? There's cost the there's right lasting country how amount of is those a region on OEMs. of volatility through that of condition think extreme are different. And consumers' North pressure the I profitability what lot the well biggest been economic that buying of concerns both impact done those the habits? now. so So and in factors And is you're that what where does be that. little and participating? around marketplace. also impact I understand with will the we've mean, we OEMs America of in But some There then And

our and the one that of things And base so I the in not would concern of to that's as what there look be biggest pay a well. is in attention think of the the at world. the of we rest China customer And financial lot is market, stability the

Operator

will Our line from question next Paribas. of the from BNP Picariello James come

James Picariello

-- just my cut the the the next to semis had the we I headwind quarter, the follow-up And could backdrop effort. if looks chip end there then about us material question apologies, Neil. of called and call tail as My be in think or I to redesign the late, pricing, would for particular, out the year? like speak wondering you increasing join Just That costs. as a and increasing raw rising was in what to on still

a elaborate as you that. a If I the well. to follow-up on might could little have topic redesign bit just

Steven Downing

Sure. Go ahead.

Kevin Nash

Yes.

that first the first second towards the on in some So had pricing, that's already end really stuff the of really the the quarter. in that chip -- negotiated something happened quarter, we

So the see into we headwind that really didn't full of brunt the third quarter.

had was of about we it the briefly but something last positive quarter, talked that some kind offset it on. going it other was things of So had we that

much nearly So the side. I of think it's really little things as through saw that quarter. the we was had but kind materials a the -- third planned, But it's some of noise offsetting really not bill as bit already what that the of just balancing we on positive

Neil Boehm

asking are still are some Yes. suppliers And increases. that of we still for couple seeing a

So or the comments products part of looking phase. was and design next my strategies components at as alternate solutions around finding and prepared

So as we especially into a to bit help Those of the in that Display we're areas with products you the build material, the as order get higher to process products increases the years. on the of need remove have technology. little and financial we lot in ago, the XXXX, cost into more focus and content a components the identifying X Full are took where burden Steven QX a more like out here especially on of the that lot some Mirror, cost mentioned over last

James Picariello

behalf really to Got investments are can finish well it. resource contained? that strategy is That's helpful. to and to that guys take lead needed potentially and line? that the But on Or you that investment just -- of can additional RD&E redesign the effort the pretty -- that could

Steven Downing

into R&D in contained really, And requirements what step-up also the on guidance. definitely in to going It XXXX, is base a talking we engineering the business, move top those. line growth as efforts. focused there's is but a of achieve the mean of a redesign of And both about in redirection. the I in that good the order be absolutely. to portion Yes, is our inside terms we're of

Operator

come question Brinkman And the line JPMorgan. will our of from next Ryan from

Ryan Brinkman

UAW the you're strike. from year headwind outlook see reiterating essentially I despite the full

strike the you did about an amount should maybe versus offset to date think have Or an what impact? the XQ equivalent we is remain factor? impact updated guide embedded to you of strikes? earnings, to some right, What guide strike say from could you track Or contemplate track time this the the something So better, do quantify for full the in by now to able then are unchanged better? how year? headwinds? So And

Steven Downing

Well, -- was start QX. and in we'll I'd it say impact with modest QX, a very

impact If the plants and very OEMs, the modest impacted that were of us. to at portions you look

were running we QX week sub through including to are impact, some plant that us. with of last announcements moved days, -- plants obviously, the our basically, impactful we've -- the $X few over started, more As million a are the as Those GM latest QX shutdowns.

to to lost And now, the at be things would $X range from where we we gotten facing. could so about they're week didn't revenue is about $X.X a what we've in be change where talking if million million right

obviously, the to what so will and the how drive the of And depending total and company. scope is we'll breadth determine shutdowns, move impact forward, long how as we on much ultimately the

guidance of And so inside we well the with range that we're that we do believe gave.

at no look you this very disagreement? reason despite is are end a not of cyclical actually expect the will settle normally, strong some October October by We've holidays. very there's to -- trail very Is off month, The doing throughout able staying But of at OEMs move November? QX to you these normally and run? the consistent. and of the our of been if a challenges. believe become, question does that's well how beyond which And been to busy long October the bit year, QX, through it look you the normal little around nature If

Ryan Brinkman

this improved a the and remarks relative reference perspective, last in then then ways. benefiting different to chain from several prepared the having And think significantly to a gross in Great. release the supply I quarters Okay. about of in the margin couple is

know, then cetera? one there, heard important, don't I the vendor to way think by continuing next supply on logistics maybe program, in And allows How you've that, tailwind? lower Then some higher fixed you've your sort from bucket areas other chain-related XX% of cost about more shortages a COGS got these the premium got targeted to towards your impacting sales areas features. too. mix of end is efficiencies manufacturing or to portion sort the higher reduction leverage cost call What's profit would think important how that? I the right more about the those some continued there, you improvement areas, improvement XX% of of were of got some because the that progress earlier and of or of year margin the I today advanced any You've of freight like et

Steven Downing

freight tariff impact, supply has freight you Well, been really single yes, related, the improvement side think and especially I and mentioned. duties like given the in biggest the costs expedited

the in it freight we but from more it's is much were to on with our things from customer base, keep so base order Part supply of was single up to that had how pricing So largest demand really do constrained. impact. expediting the when focused

So that's improved significantly.

profile. So that's margin helped to provide obviously tailwind a

about mentioned bill As and higher material really into key if levels you the year, fourth going that the factors talk on it's and lastly, sales be next areas, side. really moving the look at obviously the of the improved quarter and costs then next -- then to we focus we operational

limiting So amount to scrap total you're about overtime. of going loss throughput, and then be costs the and yield talking

if beyond the maintaining we And the key so areas higher obviously those product can level. handle be those mix would and areas, sales

year. the Beyond of end XX% that, going to to we achieve targets, that able though, us by XX%, and equip operationally, to next back range what's once be those that's get to

Operator

come from will Guggenheim. question Jewsikow next our from the Ron line And of

Ronald Jewsikow

I any pricing Yes. or this were think as benefits just there about just first, quarter modeling? we retros guess out-of-period

Kevin Nash

about $X recoveries of $X of in kind related few million, negotiations. settlement There probably million, to million in the was a quarter

Steven Downing

Not in sure. all nature, but onetime of was it

Ronald Jewsikow

Okay.

some shifting help in outbound using to in build system kind of and freight your up Okay. strike time? favorable of supply the and/or modes or you inbound chain and the over reduce for both to Are back buffer slack maybe more

Steven Downing

replenish find to line obviously, on over can we to some time customer given Yes. order finished way in is and limit scheduling goods also, the use of this more changes. expenses a face, Depending the That reactionary length production so the inventory get that was of you hopefully exactly back levels and plan. to as that opportunity back the and severity to strike sustainable an

Ronald Jewsikow

then those And are North XX% performance. or higher rates? like moving down you high bridge takeaway for helpful. That's largest or had gap? and revenues X flat roughly take kind kind you guess of would still was of how range Okay. is rates core product to X markets markets you flat the revenue -- Or just level, something are would what overall take your are in Because and your the key pricing FDM the of you gave sequentially. commentary adjusting I Europe roughly quarter-over-quarter. like But XX% production American

Steven Downing

Yes, you're exactly right.

even been obviously, in some what dropped at done there's as very content market. If volumes versus you period, mirrors in that dollar FDM, that content, if space, the have the tailwinds at outside some continued look though Overall growth product has you on time like well. look overall well during that allowing outperformance

Operator

[Operator Instructions]

see I'd Josh Baird. And call to in remarks. next for the I line come the turn the Junk from queue. question further back O'Berski closing questions no like of over to our will And from Luke

Josh O'Berski

the All look forward right. Well, everyone, concludes the call. in chatting Have great future. weekend. We'll questions. near and to you, our a that time for Thank

Operator

This for conference concludes call. today's participating. Thank you

Everyone, have day. now may a disconnect. You great

Gentex (GNTX) 27 Oct 232023 Q3 Earnings call transcript