Gentex has announced the promotion of Steve Downing to president, COO, interim CFO, and treasurer, reporting report to Fred Bauer, chairman and CEO.
Downing was previously the company’s SVP, CFO, and treasurer. Michigan-based Gentex manufactures automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows and fire protection products,
Gentex recently said it grew second quarter sales 5% year on year despite a 1% decline in relevant light vehicle production. Sales were US$443.1m compared with $423.8m a year ago helped by a 6% rise in auto-dimming mirror unit shipments.
Gross profit margin fell to 37.7% from 39.4% due to price reductions not fully offset by purchasing cost reductions. More customers ordered base auto-dimming mirrors that advanced feature mirrors than in the same period in 2016.
Operating profit fell 2% to $125.9m as a result. Net income increased 2% to $88.5m and earnings per share rose 3% to $0.31. Automotive sales alone rose 5% to $433.9m.
Other sales in the second quarter of 2017, of products including dimmable aircraft windows and fire protection fell 2% to $9.2m.