Gentex, which makes automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows, and fire protection products, reported net sales of $350.9 million and net profits of $72.3 million, or 49 cents per share, for the third quarter ended Sept. 30.
ZEELAND, MI – Gentex Corp. beat market forecasts during the third quarter by reporting a 22 percent increase in sales and a 30 percent increase in net profits.
Gentex, which makes automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows, and fire protection products, reported net sales of $350.9 million and net profits of $72.3 million, or 49 cents per share, for the third quarter ended Sept. 30.
"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 electro-chromic mirrors," said Gentex Chairman and CEO Fred Bauer, in a news release.
RELATED: Gentex Corp. closes the deal on its Homelink purchase
Analysts had forecast quarterly sales of $340.5 million with profits of 48 cents per share, according to Zacks Investment Research.
Bauer said the improved performance came during a quarter which saw a "relatively flat, worldwide, light-vehicle production environment.”
Most of the sales growth came in automotive products, where the company posted sales of $341.8 million, up 22 percent over the third quarter of 2013. Sales of dimmable aircraft windows and fire protection products were $9.1 million, up 19 percent compared with $7.7 million in the third quarter of 2013.
Gentex also announced the company repurchased 351,565 shares of its common stock during the third quarter, spending about $10 million to buy the shares at an average price of $28.44 per share.
Jim Harger covers business for MLive/Grand Rapids Press. Email him at jharger@mlive.com or follow him on Twitter or Facebook or Google+.