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July 24, 2017updated 09 Apr 2021 12:41pm

Gentex boosts Q2 net profit

Mirror and electronics supplier Gentex said it grew second quarters sales 5% year on year despite a 1% decline in relevant light vehicle production.

Mirror and electronics supplier Gentex  said it grew second quarter sales 5% year on year despite a 1% decline in relevant light vehicle production.

Sales of 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.

During the quarter, the supplier repurchased 2.2m shares and plans to buy 3.1m more depending on macroeconomic issues, market trends and other factors.

It also paid down $25m of debt on its term loan and plans further debt reduction.

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