Gentex Reports Third Quarter 2015 Financial Results and Additional Share Repurchase Authorization
(firmenpresse) - ZEELAND, MI -- (Marketwired) -- 10/21/15 -- Gentex Corporation (NASDAQ: GNTX) the Zeeland, Michigan-based manufacturer of automotive automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows, and fire protection products, today reported financial results for the three months ended September 30, 2015.
For the third quarter of 2015, the Company is pleased to report net sales of $389.8 million, which was an increase of 11% compared to net sales of $350.9 million in the third quarter of 2014. On a quarter over quarter basis, foreign currency fluctuations accounted for approximately 1% of revenue headwind during the third quarter of 2015.
The gross profit margin in the third quarter of 2015 was 39.0%, compared with a gross profit margin of 39.5% in the third quarter of 2014. On a quarter over quarter basis, foreign currency fluctuations accounted for the majority of the reduction in gross profit margin, while annual customer price reductions were essentially offset by purchasing cost reductions. Sequentially, from the second quarter of 2015, the gross margin improved from 38.4%, primarily due to increased purchasing cost reductions and improvements in product mix.
Operating income for the third quarter of 2015 increased 13% to $116.3 million, when compared to operating income of $103.2 million for the third quarter of 2014.
Other income decreased to a loss of $0.2 million in the third quarter of 2015 compared with other income of $0.8 million in the third quarter of 2014, primarily due to increased interest expense as a result of the Company''s implemented interest rate swap, combined with lower realized gains on the sale of equity investments during the most recently completed quarter versus the same quarter in the prior year.
Net income for the third quarter of 2015 increased 8% to $78.3 million compared with net income of $72.3 million in the third quarter of 2014.
Earnings per diluted share in the third quarter of 2015 increased 8% to $0.27, compared with earnings per diluted share of $0.25 in the third quarter of 2014, which reflects the December 31, 2014 stock split, effected in the form of a 100% stock dividend.
Automotive net sales in the third quarter of 2015 were $379.9 million, an increase of 11% compared with automotive net sales of $341.8 million in the third quarter of 2014, primarily due to a 15% increase in auto dimming mirror unit shipments quarter over quarter.
Other net sales, which includes dimmable aircraft windows and fire protection products, were $9.9 million, an increase of 9%, in the third quarter of 2015, compared with $9.1 million in the third quarter of 2014.
During the third quarter of 2015, the Company repurchased 2.1 million shares of its common stock and through nine months ended September 30, 2015, the Company has repurchased 4.9 million shares. The Company''s Board of Directors has also recently authorized the repurchase of up to an additional 5 million shares of the Company''s outstanding common stock, under the existing terms of the most recently announced share repurchase plan. As of September 30, 2015, the Company has approximately 6.3 million shares remaining available for repurchase in the plan including the most recent share authorization. The Company intends to continue to repurchase additional shares of its common stock in the future depending on macroeconomic issues, market trends and other factors that the Company deems appropriate.
During the third quarter of 2015, the Company paid down $25 million on its revolver loan in addition to its normally scheduled principal repayment on the Company''s term loan. The Company may, at its discretion, pay additional principal toward its loans in the future, depending on macroeconomic trends, capital expenditure spending, cash and money market interest rates, the amount of available free cash and other factors that it deems appropriate for timing and amounts of incremental debt repayments.
The Company''s forecasts for light vehicle production for the fourth quarter and calendar year 2015 are based on the IHS Automotive October 2015 forecast for light vehicle production in North America, Europe, Japan and Korea.
Based on the above light vehicle production forecasts, the Company is providing and updating certain guidance for the fourth quarter and calendar year 2015.
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company''s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the use of words such as "anticipate", "believe", "could", "estimate", "expect", "forecast", "goal", "hope", "may", "plan", "project", "will", and variations of such words and similar expressions. Such statements are subject to risks and uncertainties that are often difficult to predict and beyond the Company''s control, and could cause the Company''s results to differ materially from those described. These risks and uncertainties include, without limitation, changes in general industry or regional market conditions; changes in consumer and customer preferences for our products; our ability to be awarded new business; continued uncertainty in pricing negotiations with customers; loss of business from increased competition; customer bankruptcies or divestiture of customer brands; fluctuation in vehicle production schedules; changes in product mix; raw material shortages; higher raw material, fuel, energy and other costs; unfavorable fluctuations in currencies or interest rates in the regions in which we operate; costs or difficulties related to the integration of any new or acquired technologies and businesses; changes in regulatory conditions; warranty and recall claims and other litigation and customer reactions thereto; possible adverse results of pending or future litigation or infringement claims; negative impact of any governmental investigations and associated litigations including securities litigations relating to the conduct of our business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the NASDAQ Global Select Market. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties identified under the heading "Risk Factors" in the Company''s latest Form 10-K and Form 10-Q filed with the SEC.
A conference call related to this news release will be simulcast live on the Internet beginning at 10:30 a.m. EDT today, October 21, 2015. The dial-in number to participate in the call is , passcode . Participants may listen to the call via audio streaming at . Participants can also access that call by going to and selecting the "Audio Webcast" icon on the bottom left side of the page. Other conference calls hosted by the Company will also be available at that site in the future.
Founded in 1974, Gentex Corporation (The NASDAQ Global Select Market: GNTX) is a supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, dimmable aircraft windows for aviation markets, and fire protection products to the fire protection market. Visit the Company''s web site at .
Note: Percent change and amounts may not total due to rounding.
Contact Information:
Gentex Investor & Media Contact
Josh O''Berski
(616)772-1590 x5814
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Datum: 21.10.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 1393707
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