Gentex Reports Record Sales, Lower Margins

With net sales topping $1 billion; Gentex Corporation has set a new sales record in the fourth quarter of 2011.

Overall, the sales figure represents a 17 percent increase to $260.3 million in the fourth quarter versus $222.1 million at the same time in 2010. The company notes, however, that gross profit margins suffered, dropping from 35.8 percent in 2010 to 34.7 percent in the fourth quarter of 2011.

For the 2011 calendar year, the company is reporting a 25 percent increase in record net sales to $1.0 billion, compared to $816.3 million over the same period in 2010.

Gentex Corporation makes a variety of transportation related electronics, most notably auto-dimming mirrors for high-end cars.

Chairman of the Board and Chief Executive Officer Fred Bauer said 2011 was not without its challenges, citing the Japanese earthquake and flooding in Thailand, which put a strain on parts supplies. However, Bauer said that teams at Gentex were able to rapidly respond and adapt to the events and make sure customers production requirements were met.

Bauer says the company is hoping 2012 is smoother, and easier on the auto supply chain.

Back in October 2011, Gentex was reporting a 30 percent increase in earnings, which followed a 33 percent increase in October 2009.