Gentex Corp. posted a 33-percent year-on-year hike in net income in the third quarter of 2013 to $55.5 million from $41.9 million. The supplier of rearview mirrors and other parts, logged per-share results of 38 cents, beating the 32 cents average per-share results as estimated by analysts, according to Wells Fargo analyst Richard Kwas.
Gentex reported an 8-percent rise in net sales in the third quarter to $288.6 million. Gentex is being monitored by Wall Street analysts for potential earnings trends in the industry.
Gentex chief executive Fred Bauer said in a statement that they are pleased to report continued strong revenue and earnings growth despite year-to-date “reduced light vehicle production in Europe and the Japan/Korea regions." The company’s automotive mirror unit shipments surged 13% overall, 6% in North America, and 18% in international markets.
Gentex purchased the HomeLink product line from Johnson Controls Inc. in September 2013. HomeLink is seen by a KeyBanc report to contribute nearly $16 million to the supplier’s revenue in the fourth quarter of 2013.
In the second quarter, the supplier launched auto-dimming mirror applications with cars around the world that include advanced technologies like microphones, rear camera display, SmartBeam and driver assist camera products, telematics and wireless control systems, as well as a compass and outside mirrors with advanced features.