Gentex Corp., which manufactures automatic-dimming rearview mirrors, reported net income of $28.6 million ($0.37 per share) on revenues of $126.2 million for the fourth quarter, ended Dec. 31. Net income a year ago was $29.1 million ($0.37) on revenues of $123.9 million.
Revenues for calendar year 2004 increased 8% from $469 million to $505.7 million. Net income increased by 6% from $106.8 million to $112.7 million. Earnings per diluted share were $1.44 for calendar 2004 compared with $1.37 for calendar year 2003.
"Despite another challenging quarter, there is evidence of improvement on the margin side, as we have largely resolved the start-up production issues associated with new manufacturing processes that we began in the third quarter of 2004," said Gentex executive vice president Garth Deur.
Light vehicle production declines in North America contributed to the continued weakness during the fourth quarter. While the company reported a 7% overall increase in auto-dimming mirror unit shipments, that growth came from a 17% unit shipment increase to offshore customers. Mirror unit shipments to customers in North America declined by 2% as light vehicle production in that region declined by 3%.
Deur believes that auto-dimming mirror unit shipments will be flat to 5% higher in the first quarter of 2005 compared with the first quarter of 2004, and that mirror unit shipments will increase approximately 10% for calendar year 2005 compared with calendar year 2004.