Manufacturing

Gentex earnings rise 33 percent in 3Q13

October 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

Gentex Corporation in Zeeland has released its third-quarter earnings for fiscal 2013.

Income

Gentex (NASDAQ: GNTX) reported net income for the third quarter increased 33 percent to $55.5 million, compared with $41.9 million last year. It also increased sequentially by 7 percent, over the $52.1 million in the second quarter.

Earnings per diluted share was 38 cents, an increase of 9 cents. Sequentially, EPS was up from 36 cents.

"We're very pleased to report continued strong revenue and earnings growth, despite year to date reduced light vehicle production in Europe and the Japan/Korea regions," said Fred Bauer, Gentex chairman/CEO, "and we're excited by the momentum that the continued strong financial performance gives us, as we move into a future that will include the growth that comes with our HomeLink acquisition."

Gross profit

Gross profit margin was 36.7 percent for the third quarter, compared to 33.6 percent last year. Gross profit margin in the quarter also increased sequentially from 35.8 percent.

The gross profit increase was primarily due to the impact of purchasing cost reductions and product mix, partially offset by annual customer price reductions. 

Sales

Gentex reported net sales in the third quarter of $288.6 million, an 8-percent increase over last year.

 Automotive net sales increased 7 percent in the quarter to $280.9 million, compared with automotive net sales of $261.9 million last year. 

Other net sales, which include fire protection products and dimmable aircraft windows, were $7.7 million in the quarter, up 21 percent, compared with $6.3 million last year.

Automotive mirror unit shipments increased 13 percent in the quarter, and North American automotive mirror unit shipments increased 6 percent.

International automotive mirror unit shipments increased 18 percent, primarily due to increased mirror unit shipments to certain European and Asian automakers.

North American light vehicle production increased by 7 percent in the quarter. 

European light vehicle production decreased by 1 percent, while Japan and Korea light vehicle production increased 3 percent.

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