Gentex Profit Falls Amid Sales Growth

(RTTNews) - Gentex Corp (GNTX) on Thursday reported second-quarter net earnings of $74.6 million or $0.25 per share compared with $76.7 million or $0.26 per share last year.

Excluding severance related costs and foreign currency fluctuations, adjusted earnings for the quarter were $0.26 per share compared with $0.24 per share a year ago.

Revenues for the quarter were $379.3 million compared with $338.4 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.25 per share on revenues of $375.6 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin in the fell to 38.4% from 39.7% in the prior year.

Income tax expense was higher at 35.9% compared with 28.9% last year, hurting profits, the company said.

Gentex, based in Zeeland, Michigan, makes automotive automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows, and fire protection products.