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:

Comments

Login or Create new account to add a comment!

Recommended

The 2018 model year could be an exciting year for fans and enthusiasts of the Chevrolet Corvette. This comes as the 2018 version of the Corvette is bound to feature...
by - January 19, 2017
As if seeing the future more than a decade from now, one of the top scientists in the world of robotics and automations is predicting that children born today won’t...
by - January 19, 2017
Ford has just recently unveiled the 2018 Ford Mustang, and as it turned out, the carmaker gave its beloved pony car a facelift. There have been mixed reactions about the...
by - January 19, 2017
The bidding war for one of the only 20 examples -- 21 actually, but the 00 version went to a museum -- of the classically beautiful Lamborghini Reventon built and...
by - January 18, 2017
Bentley once again confirmed its plans to push PHEV into their future lineups. As a matter of fact, the Bentayga SUV will be the first to have the plugin hybrid...
by - January 18, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries