Gentex Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017 and 2018
January 27, 2017 at 08:01 am EST
Share
Gentex Corporation reported consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net sales of $419,912,916 against $405,592,635 a year ago. The increase was primarily due to a 4% increase in auto-dimming interior and exterior rearview mirror shipments on a quarter over quarter basis. Income from operations was $127,935,943 against $126,662,483 a year ago. Income before income taxes was $129,054,469 against $128,675,651 a year ago. Net income was $88,761,394 against $88,395,556 a year ago. Earnings per diluted share was $0.31 against $0.30 a year ago. Cash flow from operations for the fourth quarter of 2016 increased to $118.4 million from $68.4 million in the fourth quarter of 2015. Capital expenditures for the fourth quarter were $29.5 million, compared with $35.7 million in the fourth quarter of 2015.
For the year, the company reported net sales of $1,678,924,756 against $1,543,617,706 a year ago. Income from operations was $511,742,935 against $458,766,439 a year ago. Income before income taxes was $510,560,773 against $463,591,456 a year ago. Net income was $347,591,276 against $318,469,859 a year ago. Earnings per diluted share was $1.19 against $1.08 a year ago. Net sales increased 9%, primarily as a result of a 9% increase in auto-dimming interior and exterior mirror unit shipments. Cash flow from operations increased to $471.5 million from $351.6 million in calendar year 2015, primarily due to increases in net income and changes in working capital. CapEx was $121 million, compared with $97.9 million a year ago.
For the year 2017, the company expects revenue in the range of $1.78 billion to $1.85 billion, gross margin in the range of 39.0% to 40.0%, tax rate in the range of 31.5% to 32.5%, capital expenditures in the range of $115 million to $130 million, and depreciation & amortization in the range of $95 million to $105 million.
The company currently expects 2018 revenue growth of approximately 6% to 10% above the 2017 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 Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017 and 2018
GENTEX CORPORATION 
