Gentex raises 4th quarter net income by 76% to $69.9 million

Article by Anita Panait, on January 31, 2014

Gentex Corp. posted a 76-percent surge in net income in the fourth quarter of 2013 to $69.9 million from $39.6 million in the same period in 2012. The company also logged a 26-percent hike in revenues to $326.8 million from the same period a year earlier. The supplier of rearview mirrors and automotive safety, lighting and electronics components also saw its net profit for the full year 2013 rise 32 percent to $222.9 million from $168.6 million in 2012 while annual revenue surged 7 percent to $1.17 billion from $1.10 billion last year.

The rise in 2013 net income was boosted by an improvement in its core mirror business and the first full quarter of results from its HomeLink acquisition.

HomeLink is a vehicle-based system that enables remote activation of garage door openers, entry door locks, home lighting, security systems and other products. Gentex CEO Fred Bauer said in a statement that the integration of HomeLink into the company is slightly ahead of original projections.

Gentex acquired HomeLink from Johnson Controls Inc. in September, an acquisition that a KeyBanc report expected to contribute almost $16 million to the company’s fourth-quarter revenue. In the fourth quarter, Gentex's automotive mirror unit shipments surged 17 percent, with North American mirror deliveries rising 6 percent and international mirror shipments up 25 percent.

Topics: gentex, income

If you liked the article, share on:


Login or Create new account to add a comment!


Tesla is making sure that all models under production will receive the necessary advanced hardware that will allow them to be autonomously driven. The fitment of these advanced hardware to...
by - October 27, 2016
Wondering how fast the 2017 Chevrolet Camaro ZL1 in actual driving? To provide customers a good idea on how fast the 2017 Camaro ZL1 could really get, Chevrolet recently had...
by - October 27, 2016
So, it is official! The new Honda Clarity FCV has the longest verified range of any zero-emissions vehicle currently on the road in the United States. One of the main...
by - October 27, 2016
Many have been anticipating Mercedes-Benz Vans’ newest luxury pickup truck, the X-Class. While Mercedes-Benz has yet to reveal the official production version of the X-Class, it was kind enough to...
by - October 27, 2016
We’ve seen quite a lot of intriguing stories in the age of Internet (where the most interesting part was revealed before the story unfolds). Some are from movies and novels...
by - October 26, 2016