Gentex posts 76% increase in Q4 net income
Gentex Corp., a supplier of rearview mirrors and automotive safety, lighting and electronics components, said today that its fourth-quarter net income rose 76 percent from a year earlier while its annual profit surged 32 percent.
Net income in the quarter rose to $69.9 million from $39.6 million in the fourth quarter of 2012, the company said in a statement. Revenue for the quarter rose 26 percent to $326.8 million from the same period a year earlier.
The company's annual net income rose to $222.9 million from $168.6 million in 2012. Annual revenue improved 7 percent to $1.17 billion from $1.10 billion in 2012.
Gentex typically is one of the first suppliers to report quarterly earnings, and many Wall Street analysts watch its results to spot industry financial trends.
The net income gain was driven by an improvement in the core mirror business and the first full quarter of results from its HomeLink acquisition. HomeLink is a vehicle-based system that allows drivers to remotely activate garage door openers, entry door locks, home lighting, security systems and other products. Integration of HomeLink into Gentex is running slightly ahead of original projections, Gentex CEO Fred Bauer said in a statement.
Gentex acquired HomeLink from Johnson Controls Inc. in September, and a KeyBanc report estimated that the acquisition was expected to contribute nearly $16 million to fourth-quarter revenue.
In the fourth quarter, Gentex's automotive mirror unit shipments rose 17 percent from the year-earlier period, with North American mirror shipments up 6 percent and international mirror shipments up 25 percent.
Gentex, of Zeeland, Mich., ranks No. 98 on Automotive News' list of the top 100 suppliers to North America with an estimated $484 million in parts sales to automakers in the 2012 fiscal year.
You can reach Sean Gagnier at email@example.com.