Gentex's Earnings Dip Slightly

January 27, 2005
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ZEELAND — Gentex Corp. posted lower earnings on higher sales in the fourth quarter.

The company today reported quarterly sales of $126.2 million, a 2 percent increase over the $123.9 million during the same period a year ago.

Net income for the fourth quarter totaled $28.6 million, or 37 cents per share, down 2 percent from the $29.1 million, or 37 cents per share, in the final three months of 2003.

The decline in North American light vehicle production contributed to the weakness during the quarter, the company said.

“Despite another challenging quarter, there is evidence of improvement on the margin side, as we have largely resolved the start-up production issues associated with new manufacturing processes that we began in the third quarter of 2004,” Executive Vice President Garth Deur said.

For all of 2004, Gentex reported sales of $505.7 million, an 8 percent increase over the $469 million in 2003.

Annual net income was $112.6 million, or $1.44 per diluted share, a 6 percent increase over the  $106.7 million, or $1.37 per diluted share, in 2003.

Gentex recorded an 11.6 percent increase in shipments of its auto-dimming automotive mirrors, with much of the growth coming from sales to foreign automakers. Deur said he expects mirror shipments in the first quarter of between flat to 5 percent higher and 2005 growth in shipments of 10 percent.    

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