Gentex’s Fourth-Quarter Earnings Fall 19%
Mirror supplier Gentex Corp. saw its net income drop 19% to $106 million in October-December as revenue dipped 1% to $453 million.
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Mirror supplier Gentex Corp. saw its net income drop 19% to $106 million in October-December as revenue dipped 1% to $453 million.
Unit shipments in the fourth quarter grew 2% to 10.2 million interior and external auto-dimming mirrors.
For the full year, Gentex sales advanced 2% to $1.8 billion, and net income grew 8% to $438 million. The company attributes the fourth-quarter slowdown to lower-than-expected vehicle production and downwardly adjusted orders for some of its tier one customers.
The company anticipates that global light-vehicle production year will advance about 1% annually to 79.5 million units this year and 79.9 million in 2020.
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