ZEELAND, MI (WHTC-AM/FM) – Some mixed bottom-line results have been reported at Gentex.
Before the markets opened on Friday, the Zeeland-based specialty parts maker announced net sales of 438.6 million dollars in the third quarter of 2017, a two-percent improvement as compared to the second quarter. This comes in spite of North American light vehicle production falling eight percent in that same span. Company officials cite a 12-percent increase in international auto-dimming mirror unit shipments as a major factor in such growth.
However, due to a one and a half percent drop in its gross profit margin, Gentex’ income from operations of 129.1 million dollars is four percent less than a year ago at this time, while net income slipped two percent to 90.2 million dollars. This has led to a penny less per diluted share in earnings.
The company added that it is now forecasting net sales of around 1.80 billion dollars for all of 2017 and isn’t changing its revenue estimates for calendar 2018 of six to 10 percent.
