Gentex Q1 net income up 22 percent

by admin April 22, 2017 at 11:14 pm

Gentex shipped 9.9 million auto-dimming mirrors in the first quarter globally, climbing 12 percent from the year-earlier period.

Gentex Corp., a top producer of auto-dimming mirrors, saw its first-quarter net income jump 22 percent to $97.6 million thanks to an increase in sales at its core automotive unit.

The Zeeland, Mich., mirror and electronics supplier posted first-quarter revenue of $453.5 million, a 12 percent increase from the year-earlier period.

Automotive net sales were $445.6 million in the first quarter, Gentex said, jumping 13 percent from the first quarter of 2016.

The company said this increase was driven by a rise in auto-dimming mirror unit shipments.

Gentex shipped 9.9 million auto-dimming mirrors in the first quarter globally, climbing 12 percent from the year-earlier period.

Interior mirror shipments totaled 7.2 million units while exterior mirror shipments totaled 2.7 million, both increases of 12 percent.

Gentex rearview mirrors can be found in vehicles such as the Cadillac XT5 and Chevrolet Bolt.

Gentex also repurchased 1.5 million shares of common stock in the quarter, the company said, which leaves 5.3 million shares available for repurchase as of March 31.

Gentex is closely watched by analysts as it typically serves as a bellwether for suppliers, with it being one of the first of its peers to release quarterly results.

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