Gentex Corp (NASDAQ:GNTX) Q2 2019 Earnings Conference Call - Final Transcript

Jul 19, 2019 • 09:30 am ET

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Gentex Corp (NASDAQ:GNTX) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Executive
Steven R. Downing

that became effective in June of 2019. Operating expenses between $195 million and $200 million, estimated tax rate between 16% and 17%, capital expenditures between $90 million and $100 million, and depreciation and amortization between $100 million and $110 million. Additionally, the Company is maintaining its previously announced revenue guidance for calendar year 2020 to be between 3% and 8% above 2019 revenue estimates.

The second quarter of 2019 was a challenging vehicle production environment, but the Company delivered growth that outperformed our underlying market by approximately 11%. While we were pleased to see the sequential improvement in sales growth rate versus the first quarter, the most impressive performance was evidenced by the strong gross margin during the second quarter, which improved 150 basis points versus last quarter. The focus and hard work from the entire team at Gentex combined with our disciplined approach to capital allocation led to a 5% increase in EPS for the quarter.

Thank you for your time today. And we can now proceed to questions.