Gentex Corporation (NASDAQ:GNTX) Q2 2022 Earnings Conference Call July 22, 2022 9:30 AM ET

Company Participants

Josh O'Berski - Director of Investor Relations

Steve Downing - President and Chief Executive Officer

Kevin Nash - Vice President of Finance and Chief Financial Officer

Neil Boehm - Vice President of Engineering and Chief Technology Officer

Conference Call Participants

Luke Junk - Robert W. Baird & Co., Inc.

David Kelley - Jefferies LLC

Joshua Nichols - B. Riley Securities, Inc.

Mark Delaney - Goldman Sachs Group, Inc.

David Whiston - Morningstar Inc.

James Picariello - BNP Paribas Exane

Operator

Good day, and welcome to Gentex Reports Second Quarter 2022 Financial Results Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. As a reminder, this call is being recorded.

I would now like to turn the call over to Josh O'Berski, Director of Investor Relations. You may begin.

Josh O'Berski

Thank you. Good morning, and welcome to the Gentex Corporation's second quarter 2022 earnings release conference call. I am Josh O'Berski, Gentex Director of Investor Relations, and I am joined by Steve Downing, President and CEO; Neil Boehm, 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 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 second 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 Downing

Thank you, Josh. For the second quarter of 2022, the company reported net sales of $463.4 million compared to net sales of $428 million in the second quarter of 2021, which was an 8% increase quarter-over-quarter. For the second quarter of 2022, global light vehicle production in North America, Europe, Japan/Korea, and China decreased approximately 3% when compared to the second quarter of 2021.