Gentex Corp (GNTX) Tops Q3 EPS by 1c; Approves 4M Common Buyback
Gentex Corp (NASDAQ: GNTX) reported Q3 EPS of $0.29, $0.01 better than the analyst estimate of $0.28. Revenue for the quarter came in at $268.2 million versus the consensus estimate of $276.6 million.
The Company also announced that the Board of Directors has authorized an additional four million shares for repurchase under the existing share repurchase plan.
Commenting on the forth quarter, the firm notes: "Our estimate for net sales for the fourth quarter of 2012 is approximately flat compared with the fourth quarter of 2011, based on IHS's mid-October 2012 forecast for light vehicle production levels."
"As previously mentioned, we are concerned about the deteriorating macroeconomic environment, particularly in Europe, which is our largest shipping destination.
"We continue to experience increasing volatility in customer orders within the 12-week customer release window, with some of our customers, including the tier one mirror suppliers, reducing orders. This is making it increasingly more difficult to forecast with any degree of certainty."
Based on the Company's expected net sales for the fourth quarter of 2012, Dykman said that the Company currently expects that its gross profit margin for the fourth quarter of 2012 will be down slightly sequentially compared with the gross profit margin of 33.6 percent reported in the third quarter of 2012.
For earnings history and earnings-related data on Gentex Corp (GNTX) click here.
The Company also announced that the Board of Directors has authorized an additional four million shares for repurchase under the existing share repurchase plan.
Commenting on the forth quarter, the firm notes: "Our estimate for net sales for the fourth quarter of 2012 is approximately flat compared with the fourth quarter of 2011, based on IHS's mid-October 2012 forecast for light vehicle production levels."
"As previously mentioned, we are concerned about the deteriorating macroeconomic environment, particularly in Europe, which is our largest shipping destination.
"We continue to experience increasing volatility in customer orders within the 12-week customer release window, with some of our customers, including the tier one mirror suppliers, reducing orders. This is making it increasingly more difficult to forecast with any degree of certainty."
Based on the Company's expected net sales for the fourth quarter of 2012, Dykman said that the Company currently expects that its gross profit margin for the fourth quarter of 2012 will be down slightly sequentially compared with the gross profit margin of 33.6 percent reported in the third quarter of 2012.
For earnings history and earnings-related data on Gentex Corp (GNTX) click here.