Gentex Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018; Provides Revenue Guidance for the Year 2019
January 26, 2018 at 06:30 pm IST
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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.
Gentex Corporation is a designer, developer, manufacturer, marketer, and supplier of digital vision, connected car, dimmable glass, and fire protection products. The Company provides automatic-dimming and non-automatic-dimming rearview mirrors and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry. The Company's business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize proprietary electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. Within this business segment, the Company also designs, develops and manufactures various electronics that are value added features to the interior and exterior automotive rearview mirrors as well as electronics for interior visors, and overhead consoles.
Gentex Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018; Provides Revenue Guidance for the Year 2019