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

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.

Read the entire article Gentex raises 4th quarter net income by 76% to $69.9 million

Gentex saw third-quarter net profit increase by 33% to $55.5 million

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.

Read the entire article Gentex saw third-quarter net profit increase by 33% to $55.5 million

Automotive mirror supplier Gentex posts 9% rise in 1st quarter earnings

Gentex Corp., a Michigan-based supplier of automotive mirrors, posted a 9% boost in earnings for the first quarter, thanks to the higher demand from the customers in Europe and North America. The company disclosed that it anticipates revenue to increase by 15% in the next three months compared with the same period last year.

Specifically, the company revealed that the quarterly net income increased to $46.3 million while revenues also climbed 16% to $290.7 million. On the other hand, the stock of Gentex decreased after the financial report, diving 16.01% to $21.35 at the close in New York.

Senior analyst Richard Kwas at Wells Fargo commented that the reported $286-million revenue was below the forecasted $294 million. He further stated that the quarterly conference call "did not provide much comfort to growth investors, which represent a big chunk of the holder base."  He anticipated the second quarter estimates of the supplier to drop.

Read the entire article Automotive mirror supplier Gentex posts 9% rise in 1st quarter earnings

Gentex to supply vision-based SmartBeam DFL for 2012 BMW 3-Series

Gentex Corporation will be supplying its SmartBeam DFL (Dynamic Forward Lighting) -- its new vision-based, glare-free, high-beam system -- for the 2012 BMW 3 Series, which is available throughout Europe. Gentex is the leading worldwide supplier in camera-based lighting-assist and automatic-dimming rearview mirrors systems for the international automotive industry.

The system has a custom CMOS (complementary metal oxide semiconductor) image sensor integrated with algorithmic decision-making to provide constant "on" glare-free high beams. The system senses the presence of other tail lamps and headlamps, then generates dynamic "block-out" zones around automobiles that it is moving toward or following.  Special shutter-equipped headlamps block parts of the high beams to avert blinding surrounding traffic as it continuously optimizes the forward lighting.

In 2001, Gentex created the lighting-assist product category when it launched its original SmartBeam product, marking the first usage of a camera system to maximize forward lighting by automatically shifting between low and high beams based on surrounding lighting conditions and traffic. The SmartBeam is one of the most popular offerings of Gentex, thanks to consumer demand. Since 2004, the company has delivered almost 3 million units. In 2011 alone, it hit the 1 million mark in terms of deliveries.

Read the entire article Gentex to supply vision-based SmartBeam DFL for 2012 BMW 3-Series

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

Read the entire article Gentex reported a 23 percent increase in fourth quarter of 2010