ZEELAND, Mich. – Gentex Corp., the Zeeland, Mich.-based manufacturer of automatic-dimming rearview mirrors and camera-based lighting and driver-assist systems for the automotive industry, has reported financial results for the second quarter ended June 30, 2013.
For the second quarter of 2013, the company’s net sales were $287 million, up 2.4 percent compared with net sales of $280.3 million in the second quarter of 2012. Net sales also increased sequentially from $269.5 million in the first quarter of 2013.
The gross profit margin in the second quarter of 2013 was 35.8 percent, up 2.7 percentage points compared with gross profit margin of 33.1 percent in the second quarter of 2012, primarily due to the impact of product mix and purchasing cost reductions, partially offset by annual customer price reductions. The gross profit margin increased sequentially from 34.7 percent in the first quarter of 2013, primarily due to the impact of product mix and purchasing cost reductions.
Net income in the second quarter of 2013 was $52.1 million, up 28 percent compared with net income of $40.8 million in the second quarter of 2012, also up sequentially from $45.4 million in the first quarter of 2013. Earnings per diluted share were 36 cents, an increase of 8 cents compared with earnings per diluted share of 28 cents in the second quarter of 2012, and up sequentially from 32 cents in the first quarter of 2013.
“Gentex is very pleased to report that in second quarter of 2013, the company experienced increases in net sales, gross profit as well as net income versus the second quarter of 2012 and the first quarter of 2013, with continuing positive efficiencies within our operating expenses,” said Gentex Chairman of the Board and CEO Fred Bauer.
Based on the IHS July 2013 forecast for the third quarter of 2013, the company estimates that net sales in the third quarter of 2013 will be flat to up 5 percent compared with the third quarter of 2012.
The company also estimates gross profit margin for the third quarter of 2013 to be in the same range as the 2013 year-to-date gross profit margin, based on the July 2013 IHS production forecast.
