Gentex Posts Solid Quarter

The Zeeland-based maker of automatic-dimming automotive mirrors today reported quarterly sales of $112.8 million, up 11 percent from the $101.5 million during the same period a year ago.

Net income for the third quarter that ended Sept. 30 totaled $25.6 million, or 34 cents per share, up 20 percent from the $21.4 million, or 28 cents per share, in the third quarter of 2002.

“We had another very good quarter and are on track to deliver excellent performance for the rest of the year,” Gentex Executive Vice President Garth Deur said. “During the third quarter, we demonstrated our ability to grow our auto-dimming mirror business, despite declines in light vehicle production in North America and Western Europe of about 5 percent each.”

Gentex’s year-to-date sales through Sept. 30 were $345.1 million, up 20 percent from the $287.9 million through the first nine months of 2002.

Year-to-date net income totaled $77.6 million, or $1.02 per share, a 26 percent increase from the $21.4 million, or 82 cents per share, recorded in the same period a year earlier.