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Gentex reports all-time record net sales for any quarter | Business

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Gentex reports all-time record net sales for any quarter
Business, News
Gentex reports all-time record net sales for any quarter

Gentex Corporation today reported all-time record financial results for any quarter in the first quarter ended March 31, 2012.

For the first quarter of 2012, the Company's all-time record net sales for any quarter increased by 16 percent to
$290.7 million compared with $250.9 million in the first quarter of 2011.

The gross profit margin was flat on a sequential basis at 34.7 percent in the first quarter of 2012 compared with the fourth quarter of 2011, primarily due to the impact of annual customer price reductions, which were offset by purchasing and manufacturing cost reductions. The gross profit margin decreased on a quarter-over-quarter basis from 36.0 percent in the first quarter of 2011 to 34.7 percent in the first quarter of 2012, primarily due to annual customer price reductions, partially offset by purchasing and manufacturing cost reductions.

All-time record net income for any quarter increased nine percent to $46.3 million in the first quarter of 2012, compared with net income of $42.3 million in the first quarter of 2011, primarily due to increased net sales and gross profit.

Earnings per diluted share were 32 cents in the first quarter of 2012 compared with 29 cents per share in the first quarter of 2011.

"We are pleased to report another all-time record quarter in net sales and net income for Gentex Corporation, despite a volatile automotive environment," said Gentex Chairman of the Board and Chief Executive Officer Fred Bauer. "The increased net sales and auto-dimming mirror unit shipments in the first quarter of 2012 were primarily a result of increased demand from our North American and European customers."

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