For the fourth quarter of 2010, Gentex Corp. said that its net income increased by 23% to $36.9 million on record quarterly sales of $222.1 million. Based in Zeeland, Mich., Gentex is a supplier of automatic-dimming rearview mirrors and camera-based safety systems.
For the entire year, Gentex’s net income improved 113% to $137.7 million, compared to $64.6 million in 2009. Sales for 2010 increased by 50% to $816.3 million, up from $544.5 million for the previous year.
Typically, Gentex is one of the first auto suppliers to post its quarterly financial results. These results are often regarded as a bellwether for the performance of other major suppliers during comparable reporting periods
. In a statement, Gentex CEO Fred Bauer said that sales in the fourth quarter were boosted by the continued increases in unit shipments of its Rear Camera Display and SmartBeam mirrors.
The main reasons cited for the strong results are increased light vehicle production and customer demand for advanced electronic products.
Last December, the National Highway Traffic Safety Administration made a proposal to require backup cameras on all new vehicles by 2014. According to Gentex Senior Vice President Enoch Jen, the legislation will benefit the company and will likely increase the shipments of its rear-camera display mirrors.