Manufacturing

Gentex earns $52.1M in 2Q13

July 25, 2013
| By Pete Daly |
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Zeeland-based Gentex is a global manufacturer of products for the automotive, aerospace and fire industries. Photo via fb.com

Zeeland-based manufacturer Gentex Corp. has released its earnings for the second quarter of 2013.

Gentex (NASDAQ: GNTX) makes specialized mirrors for the auto industry, commercial fire protection alarms and dimmable aircraft windows.

“Gentex is very pleased to report that in the second quarter of 2013, the company experienced increases in net sales (and) gross profit, as well as net income, versus the second quarter of 2012 and the first quarter of 2013, with continuing positive efficiencies within our operating expenses,” said Gentex chairman and CEO Fred Bauer.

Sales

The company reported net sales for the second quarter were $287 million, up 2.4 percent compared to the second quarter of 2012. Net sales also increased sequentially from $269.5 million in the first quarter of 2013.

Gross profit margin

The gross profit margin in the second quarter of 2013 was 35.8 percent, up 2.7 percentage points compared with gross profit margin of 33.1 percent in the second quarter of 2012, primarily due to the impact of product mix and purchasing cost reductions, partially offset by annual customer price reductions. The gross profit margin increased sequentially from 34.7 percent in the first quarter of 2013.

Income

Net income in the second quarter was $52.1 million, up 28 percent compared with net income of $40.8 million in the second quarter of 2012, and also up sequentially from $45.4 million in the first quarter of 2013.

Earnings per diluted share were 36 cents, an increase of 8 cents compared with earnings per diluted share of 28 cents in the second quarter of 2012, and up sequentially from 32 cents in the first quarter of 2013.

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