Gentex has posted net income for the third quarter of 2014 up 30% to US$72m, compared with net income of US$56m in the third quarter of 2013.
The company unveiled net sales of US$351m, up 22% compared to net sales of US$289m during the same period.
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Gross profit margin increased on a quarter-over-quarter basis to 39.5% in the third quarter of 2014 compared with a gross profit margin of 36.7% in the third quarter of 2013.
The better gross profit margin is due to the impact of the HomeLink acquisition, improvements in product mix and purchasing cost reductions, which were partially offset by annual customer price reductions.
“We continue to demonstrate double digit unit and revenue growth thanks to the performance of our SmartBeam and driver assist camera systems, the addition of the HomeLink acquisition, and the continued penetration of our inside and outside electrochromic mirrors,” said Gentex chairman and CEO, Fred Bauer.
“In this relatively flat, worldwide, light-vehicle production environment, [this] represents solid performance and the goal of our many growth initiatives.”
