Gentex Corporation, the Zeeland, Michigan-based manufacturer of automatic-dimming rearview mirrors and commercial fire protection products, on Thursday reported record revenues and net income for the fourth quarter and year ended December 31, 2002.
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The company achieved record fourth quarter revenues of $107.3 million, a 35% increase over the fourth quarter 2001 revenues of $79.7 million. Net income in the 2002 fourth quarter increased 43% to $24.1 million, or 31 cents per share, compared with net income of $16.8 million, or 22 cents per share in 2001.
For the year ended December 31, 2002, Gentex reported a 32% increase in net income to $85.8 million, or $1.12 per share, on a 27% increase in revenues to $395.3 million. Net income was $65.2 million, or 86 cents per share, on revenues of $310.3 million in 2001.
Automotive unit shipments in the fourth quarter increased by about 21% over the same quarter last year to 2.3 million units, primarily due to strong shipments of interior and exterior mirrors for light trucks in North America as well as interior mirror shipments to offshore customers and the transplants in North America for a number of mid-sized vehicle models.
Total mirror units shipments for calendar year 2002 increased by 23% to a record 8.8 million units, compared with the same prior year period. Automotive revenues increased by 37% in the fourth quarter and by 29% for calendar year 2002.
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By GlobalDataA spokesman said growth in revenues continues to outpace mirror unit shipment growth due to higher unit shipments of mirrors with significant electronic content, such as compass and temperature displays, LED turn signals, Homelink and LED map lamps.
He added that export mirror unit shipments are an increasing part of total shipments, and that portion has been growing at a faster rate than the North American segment. Export shipments increased by 42% in the fourth quarter and by 28% for calendar 2002, compared with the same prior year periods.
Gentex expects continued strong growth in unit shipments in calendar 2003.
“Recent J.D. Power expectations for light vehicle industry production in North America and Western Europe currently project a slight overall decline for calendar year 2003. Despite the forecasted decline in light vehicle production, we currently expect good growth in automotive unit shipments in the first quarter of 2003 as compared with the same period in 2002, and anticipate approximately 15-20% unit growth for all of calendar 2003 compared with calendar 2002, primarily due to increased penetration into new vehicle models,” the spokesman said.
