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Gentex Quarterly Profit Jumps 23%
Electronic rearview mirror supplier Gentex Corp. reports its net earnings climbed to $111 million in the third quarter from $90 million in the same period last year.
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Electronic rearview mirror supplier Gentex Corp. reports its net earnings climbed to $111 million in the third quarter from $90 million in the same period last year.
Revenue for the period grew 5% to $460 million, for the Michigan-based company. The company described the light-vehicle production environment as “tough,” with output below industry forecasts this year.
Gentex expects global light-vehicle production will grow 2% to 13.4 million units in October-December but finish the year flat at 52.4 million vehicles.
Gentex estimates trade tariffs imposed this year will boost its costs about $6 million in the fourth quarter. But the company affirms that it expects revenue in 2018 will grow 5%-10% from this year’s $1.9 billion.
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