30 April 1998: While Gentex Corp., the US producer of automatic dimming vehicle mirrors and fire protection products, recently reported higher first quarter earnings, the company also said its growth …
30 April 1998: While Gentex Corp., the US producer of automatic dimming vehicle mirrors and fire protection products, recently reported higher first quarter earnings, the company also said its growth from the year-ago period in the second half of this year may be moderately lower than the first half growth rate. The firm said new model introductions from its major customers and slower customer production ramp-ups will contribute to the slower growth rate. Gentex executive vice president, Kenneth La Grand, said in a statement that automotive unit shipments in calendar 1998 could increase by about 30% to about five million units compared with 3.9 million units Gentex shipped in 1997. “Our automotive unit shipments were very strong in the first quarter, resulting in these higher-than-expected net earnings,” he said. “The strong momentum of the 1998 model year that began in August 1997 has carried over into this new fiscal year.” Gentex had first quarter net income of US$ 12.5 million, or US$ 0.34 a share, versus US$ 7.4 million or US$ 0.21 a share a year ago. First quarter record sales were a record US$ 56.9 million, up 36% over US$ 41.9 million (see GlassOnline report of 2 April 1998).