USA: Gentex Q2 revenue up but profit down

By just-auto.com editorial team | 21 July 2005

Gentex Corporation, a manufacturer of automatic-dimming rearview mirrors, has reported increased revenues and reduced net income for the second quarter ended June 30.

Quarterly revenues of $132.4 million were up 2% over revenues of $129.6 million reported last year. Net income of $26.0 million decreased by 10% compared with $29.0 million in the comparable 2004 quarter. Earnings per diluted share were 17 cents compared with 18 cents.

For the first six months of 2005, the company posted net income of $52.0 million on revenues of $260.0 million, compared with net income of $58.8 million on revenues of $259.0 million. Earnings per diluted share were 33 cents for the first six months of 2005 compared with 37 cents in 2004.

Mirror unit shipments in North America in the second quarter increased 1% while light vehicle production declined 2%, as lower unit shipments to the Big Three automakers were more than offset by shipments to the Asian and European transplants in North America.

For the third quarter of 2005, Gentex estimates that the growth in mirror unit shipments will be in the range of 5-10% compared with the third quarter of 2004.  For the fourth quarter, unit shipments are estimated to increase by approximately 10-15%.