Gentex Corporation (NASDAQ:GNTX) Q4 2023 Earnings Conference Call January 26, 2024 9:30 AM ET

Company Participants

Josh O'Berski - Director, IR

Steven Downing - President, CEO & Director

Kevin Nash - VP, Finance, CFO, Treasurer & CAO

Neil Boehm - CTO & VP, Engineering

Conference Call Participants

Luke Junk - Robert W. Baird & Co.

Thomas Scholl - BNP Paribas Exane

Michael Nichols - B. Riley Securities

Mark Delaney - Goldman Sachs Group

John Murphy - Bank of America Merrill Lynch

Ryan Brinkman - JPMorgan Chase & Co.

Ronald Jewsikow - Guggenheim Securities

David Whiston - Morningstar

Operator

Good day, and thank you for standing by. Welcome to Gentex' Fourth Quarter and Year-End 2023 Financial Results Conference Call. [Operator Instructions].

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. Good morning, and welcome to the Gentex Corporation Fourth Quarter and Year-End 2023 Earnings Release Conference Call. I'm Josh O'Berski, Gentex' 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 through the Gentex website and to 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 Fourth Quarter and Year-End 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?

Steven Downing

Thank you, Josh. For the fourth quarter of 2023, the company reported net sales of $589.1 million, an increase of 19% compared to net sales of $493.6 million for the fourth quarter of last year. The fourth quarter of 2023 revenue included one-time cost recoveries of approximately $5 million. Light vehicle production increased by 6% quarter-over-quarter in the company's primary markets of North America, Europe, Japan and Korea, which equates to a 13% revenue outperformance versus the company's underlying markets.