Gentex Q4 Profit Declines, But Results Beat View - Quick Facts

(RTTNews) - Gentex Corp. (GNTX), a provider of automotive products, reported Friday that its net income for the fourth quarter declined to $99.5 million or $0.39 per share, from $106.3 million or $0.41 per share in the year-ago period.

The decrease in net income was primarily driven by the reduction in revenue as a result of the strike at General Motors during the fourth quarter of 2019. The company noted that the strike negatively impacted sales in the quarter by approximately 5 percent.

In addition, global light vehicle production declined approximately 5 percnet versus the same quarter last year.

Net sales for the quarter declined 2 percent to $443.8 million from $453.4 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share for the quarter on revenues of $442.83 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2020, Gentex forecast revenue in a range of $1.91 billion to $2.00 billion. The Street expects revenues of $1.95 billion for the year.

Based on Gentex's forecasts for light vehicle production for calendar year 2021, it currently expects calendar year 2021 sales growth of about 3 percent to 8 percent above the 2020 sales estimates.