Gentex Corp (GNTX) Tops Q2 EPS by 2c; Guides Q2 Sales Growth

Gentex Corp (NASDAQ: GNTX) reported Q2 EPS of $0.47, $0.02 better than the analyst estimate of $0.45. Revenue for the quarter came in at $335.7 million versus the consensus estimate of $324.2 million.

"A year ago automotive sales were down in the first quarter of 2013 8% quarter-over-quarter, primarily due to decreased vehicle production in Europe, Japan, and Korea. We are very pleased a year later to have continued improvement in our core electrochromic mirror business, together with the addition of HomeLink in its second quarter of business with us," said Gentex Chairman of the Board and Chief Executive Officer, Fred Bauer. "We are encouraged by the year-over-year growth in mirror unit shipments and double digit sales growth in the quarter, which was assisted by strength in Europe, Japan and Korea and ultimately led to our outperforming first quarter sales guidance," continued Bauer.

Gentex estimates that net sales in the second quarter of 2014 will increase approximately 15 - 20% compared to the second quarter of 2013 and estimates the gross profit margin in the second quarter of 2014 to be approximately 39 - 39.5%. The Company also estimates that E, R&D expense for the second quarter of 2014 will increase 10 - 15% compared with the second quarter of 2013. S, G&A expense is estimated to increase 10 - 15% compared with the second quarter of 2013.

For earnings history and earnings-related data on Gentex Corp (GNTX) click here.

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