ZEELAND — Gentex Corp. (Nasdaq: GNTX), the Zeeland-based automotive and electronics manufacturer, reported net income of $97.6 million or 33 cents a share in the first quarter ended March 31, up from $80.3 million or 28 cents a share in the same quarter a year earlier.
Revenue was $453.5 million, up from $405.6 million a year earlier.
Gentex manufactures automatic dimming rear view mirrors for the automotive market, automotive electronics, dimmable aircraft windows, and fire protection products.
The company said $5.6 million of the increase in net income was due to a change in tax calculation methods ($3.8 million) and $1.8 million related to newly adopted accounting guidance which impacted the treatment of share-based compensation.
Automotive net sales in the first quarter of 2017 were $445.6 million, an increase of 13 percent compared with automotive net sales of $394 million in the first quarter of 2016, driven by a 12 percent increase in auto-dimming mirror unit shipments on a quarter over quarter basis.
Other net sales in the first quarter of 2017, which includes dimmable aircraft windows and fire protection products, were $7.9 million, compared to other sales of $11.6 million in the first quarter of 2016.
The company also said that based on weakening light vehicle production estimates in Europe for the second quarter and in North America in the third quarter, the company expects its revenue estimates for those quarters to be at or around the lower end of its annual guidance range but expects the fourth quarter to return to the higher end of its annual guidance range.
To listen to a replay of a conference call discussing these results, visit http://ir.gentex.com/events-and-presentations/upcoming-past-events.\
More at www.gentex.com.