Gentex Corporation (NASDAQ:GNTX) Q4 2022 Earnings Conference Call January 27, 2023 9:30 AM ET

Company Participants

Josh O'Berski - Director of Investor Relations

Steve Downing - President & Chief Executive Officer

Kevin Nash - Vice President of Finance & Chief Financial Officer

Neil Boehm - Vice President of Engineering and Chief Technology Officer

Conference Call Participants

Luke Junk - Baird

David Kelley - Jefferies

James Picariello - BNP

Josh Nichols - B. Riley

Ryan Brinkman - JPMorgan

Mark Delaney - Goldman Sachs

John Murphy - Bank of America

David Whiston - Morningstar

Ron Jewsikow - Guggenheim Partners

Operator

Good day and thank you for standing by. Welcome to the Gentex Reports Fourth Quarter and Year-End 2022 Financial 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.

And I would now like to hand the conference over to your speaker today, Mr. Josh O'Berski, Director of Investor Relations. Sir, please go ahead.

Josh O'Berski

Thank you. Good morning, and welcome to the Gentex Corporation Fourth Quarter 2022 Earnings Release Conference Call. I'm Josh O'Berski, Gentex's Director of Investor Relations, and I am joined by Steve Downing, President and CEO; and Neil Bain, Vice President of Engineering and CTO; and Kevin Nash, Vice President of Finance and CFO.

This call is live on the Internet and can be reached by going through the Gentex website and atir.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 Fourth Quarter 2022 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?

Steve Downing

Thank you, Josh. For the fourth quarter of 2022, the company reported net sales of $493.6 million, an increase of 18% when compared to net sales of $419.8 million for the fourth quarter of last year. The fourth quarter of 2022 revenue included cost recoveries from customers of approximately $15 million.