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

More positive news has been pouring in before the year ends. For those who have been waiting to hear the latest word on Toyota 86, we have some great news....
by - December 10, 2016
Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
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