US-based manufacturer of automatic-dimming rearview mirrors, Gentex Corp., received a contract from Germany“s Bayerische Motoren Werke AG to supply the Gentex Night Vision Saftey NVS mirrors, automat…
US-based manufacturer of automatic-dimming rearview mirrors, Gentex Corp., received a contract from Germany“s Bayerische Motoren Werke AG to supply the Gentex Night Vision Saftey NVS mirrors, automatic-dimming exterior and interior mirrors for the carmaker“s new X5 vehicle. Financial terms were not disclosed. In a recent press release, Gentex said it will also supply flat and convex automatic-dimming exterior mirror subassemblies to its “Tier 1” supplier of the completed exterior mirrors, Magna International Inc. Meanwhile, Gentex also reported record financial results for the third quarter and nine months ended 30 September 1999. The company reported a 46% increase in net income to US$ 14.4 million, or 19 cents per share, on record revenues of US$ 64.1 million. In the comparable 1998 quarter, the company reported net income of US$ 9.9 million, or 13 cents per share, on revenues of US$ 50 million. For the first nine months of 1999, net income increased 44% to US$ 47.7 million, or 64 cents per share, on record revenues of US$ 196.7 million. For the comparable 1998 period, Gentex reported net income of US$ 33.2 million, or 45 cents per share, on revenues of US$ 157.9 million. “Our third quarter was another very good quarter for Gentex,” said Gentex Executive Vice President Kenneth La Grand. “Our auto-dimming mirror unit shipments were higher than originally expected, primarily due to higher production in North America of certain sport/utility vehicles. In addition, unit shipments were also higher on certain mid-size and luxury cars both in North America and Europe.” Automotive revenues increased by 33% in the third quarter and 27% for the first nine months of 1999 compared with the same respective periods last year.