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

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