10 September 1998: US-based Gentex Corp., producer of rearview mirrors and fire protection products, said that the General Motors Corp. strikes that were settled in July will cut US$ 0.03 a share from…
10 September 1998: US-based Gentex Corp., producer of rearview mirrors and fire protection products, said that the General Motors Corp. strikes that were settled in July will cut US$ 0.03 a share from Gentex“s third quarter earnings. Gentex said it expects to make up for the lost third quarter revenues in the fourth quarter as GM makes up for production lost during the strikes. Gentex expects fourth quarter unit shipments of its automatic-dimming rearview mirrors to be up 25 to 30% from the same period a year ago. The company also said it will buy back up to 2 million of its shares in the next 12 months. “The long-term, solid fundamentals of Gentex have not changed, and we believe that the recent decline in the company“s stock price does not properly reflect those fundamentals,” Kenneth La Grand, executive vice president, said in a statement. “This buyback programme signifies our confidence in the long-term prospects for the company,” he said.