Gentex Corporation (NASDAQ:GNTX) Q1 2023 Earnings Conference Call April 28, 2023 9:30 AM ET

Company Participants

Josh O'Berski - Director, Investor Relations

Steve Downing - President & Chief Executive Officer

Kevin Nash - Vice President of Finance & Chief Financial Officer

Neil Boehm - Vice President of Engineering & Chief Technology Officer

Conference Call Participants

Ron Jewsikow - Guggenheim Partners

James Picariello - BNP Paribas Exane

Luke Junk - Baird

Josh Nichols - B. Riley

John Murphy - Bank of America

David Whiston - Morningstar

Operator

Good day, and thank you for standing by. Welcome to the Gentex Reports First Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [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.

Josh O'Berski

Thank you. Good morning and welcome to the Gentex Corporation first quarter 2023 earnings release conference call. I'm Josh O'Berski, Gentex's Director of Investor Relations and I'm joined by Steve Downing, President and CEO; Neil Boehm, CTO; and Kevin Nash, Vice President of Finance and CFO.

This call is live on the Internet and can be reached by going to the Gentex website and at ir.gentex.com. All contents of this conference call are the property of Gentex Corporation and may not be copied, published, reproduced, rebroadcast, retransmitted, transcribed or otherwise redistributed.

Gentex Corporation will hold responsible and liable any party for any damages incurred by Gentex Corporation with respect to any unauthorized use of the contents of this conference call. This conference call contains forward-looking information within the meaning of the Gentex safe harbor statement included in the Gentex Reports First Quarter 2023 financial results press release from earlier this morning and as always shown on the Gentex website. Your participation in this conference call implies consent to these terms.

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

Steve Downing

Thank you Josh. For the first quarter of 2023, the company reported net sales of $550.8 million, compared to net sales of $468.3 million in the first quarter of 2022, which was an 18% quarter-over-quarter increase and a new quarterly sales record for the company. For the first quarter of 2023, global light vehicle production in North America, Europe, Japan, Korea and China increased approximately 6% when compared to the first quarter of 2022.