Gentex’s Fourth-Quarter Earnings Fall 19%
Mirror supplier Gentex Corp. saw its net income drop 19% to $106 million in October-December as revenue dipped 1% to $453 million.
#economics
Mirror supplier Gentex Corp. saw its net income drop 19% to $106 million in October-December as revenue dipped 1% to $453 million.
Unit shipments in the fourth quarter grew 2% to 10.2 million interior and external auto-dimming mirrors.
For the full year, Gentex sales advanced 2% to $1.8 billion, and net income grew 8% to $438 million. The company attributes the fourth-quarter slowdown to lower-than-expected vehicle production and downwardly adjusted orders for some of its tier one customers.
The company anticipates that global light-vehicle production year will advance about 1% annually to 79.5 million units this year and 79.9 million in 2020.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.