Gentex profits fall 2% for Q4, rise 2% for year
Gentex Corp., the supplier of automotive rearview mirrors and related parts, today reported a 2 percent decline in quarterly profits and a 2 percent gain in annual profits.
The company said it posted net income of $39.6 million in the fourth quarter, down from $40.5 million during the same quarter in 2011. Revenues were essentially unchanged at $260.4 million during the quarter.
For 2012, Gentex said it posted net income of $168.6 million, up from $164.7 million in 2011. It generated $1.1 billion in revenue last year, up from $1.0 billion in 2011.
The company said its quarterly gross profit margins fell from 34.7 percent last year down to 34.2 percent in the most recent quarter.
"That was primarily due to the impact of annual customer price reductions and product mix, partially offset by purchasing cost reductions," the company said in a statement.
Gentex CEO Fred Bauer said in a statement, “Our entire management team has been actively working on cost-reduction initiatives and we are pleased with the results to date.”
The Zeeland, Mich., company’s results for 2012 included a one-time charge of $5 million to settle federal patent infringement litigation with American Vehicular Sciences, or AVS.