Gentex Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net sales of $459,570,469 compared to $419,912,916 for the same period a year ago. Income from operations was $133,994,066 compared to $127,935,943 for the same period a year ago. Income before income taxes was $138,155,994 compared to $129,054,469 for the same period a year ago. Net income was $130,468,899 compared to $88,761,394 for the same period a year ago. Earnings per basic and diluted share were $0.46 compared to $0.31 for the same period a year ago. Net income increase was primarily driven by the lower effective tax rate as well as the 9% increase in revenue on a quarter over quarter basis. Cash flow from operations was $145.1 million versus $120.6 million in the fourth quarter of 2016, driven by changes in net income and deferred taxes and fluctuations in working capital. CapEx was $17.9 million compared with $29.5 million for the fourth quarter of 2016.


For the year, the company reported net sales of $1,794,872,578 compared to $1,678,924,756 for the same period a year ago. Income from operations was $523,358,352 compared to $511,742,935 for the same period a year ago. Income before income taxes was $531,796,704 compared to $510,560,773 for the same period a year ago. Net income was $406,791,922 compared to $347,591,276 for the same period a year ago. Earnings per diluted share were $1.41 compared to $1.19 for the same period a year ago. Cash flow from operations was $497.7 million versus $477 million in calendar year 2016, which was also driven by increases in net income as well as changes in deferred taxes and working capital. Capital expenditures were $104 million compared with $120.9 million for calendar year 2016. The company estimates that the gross profit margin for calendar year 2018 will be between 38% and 39%.

For the year 2018, the company expects revenue of $1.89 billion to $1.97 billion, gross margin of 38% to 39%, estimated annual tax rate of 18% to 21%, capital expenditures of $115 million to $130 million, and depreciation & amortization of $105 million to $115 million.

Additionally, based on the company's forecasts for light vehicle production for calendar year 2019, the company currently expects 2019 revenue growth of approximately 5% to 10% above the 2018 revenue estimates.