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Wednesday, 24 July 2013 06:30

July 24, 2013: Gentex beats analysts’ Q2 estimates; ADAC opens new $18M paint facility; Worth Investment acquires sports lighting biz; Firstbank's Q2 EPS up 52%

Written by  MiBiz Staff
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ADAC Automotive Musekgon complex ADAC Automotive Musekgon complex Courtesy of ADAC

Michigan Works! for Kent and Allegan Counties recently beefed up its business services staff hiring eight new business service representatives and one business services manager. The hires are a direct response to the the agency’s recent-three year strategic plan that calls for a more regionally focused workforce system that identifies employers as the agency’s  primary customer, according to a release from the organization. [3:55 p.m.]

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The Ann Arbor-based Michigan Pre-seed Capital Fund is pumping $1.5 million into six new startups. The six companies that received funds are AutoBike, AlertWatch, BEET Analytics Technology, IROA Technologies, Patient Provider Communications and TM3 Systems. See this video for more information on the awardees. [10:15 a.m.]

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Retail giant Meijer announced it’s opening the company’s first supercenter in Detroit on July 25. The 190,000 square-foot store is located on the former Michigan State Fairground site as part of the Gateway Marketplace shopping center. At 8 Mile Road and Woodward Avenue, the Detroit Meijer store is expected to create more than 550 jobs. [10:10 a.m.]

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Tier 1 automotive supplier Gentex Corp. this morning reported net sales of $286.97 million and earnings per share of $0.36 for the second quarter of its 2013 fiscal year, which ended June 30. That beat analysts’ average estimates of $274.52 million in sales and earnings per share of $0.32. Sales were up 2.4 percent compared to the same period last year. Gentex reported quarterly net income of nearly $52.1 million, up 28 percent compared to the second quarter of 2012, as shipments of its auto-dimming mirrors rose 10 percent. The company estimates that net sales in the third quarter will be flat to up 5 percent compared to a year ago based on estimates that global auto production will rise about 2.5 percent in the quarter compared to a year ago according to IHS Automotive’s light vehicle production forecasts. Gentex, which last week announced it was acquiring the HomeLink business from Johnson Controls Inc. for $700 million, said it expects selling, general and administrative expenses to increase from 5 percent to 10 percent for the quarter as the company works to complete the acquisition, which is expected to close around Sept. 30. More on the company’s quarterly results can be found at this press release. [8:35 a.m.]

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Gov. Rick Snyder is scheduled to cut the ribbon on ADAC Automotive’s new 72,000-square-foot paint facility in Muskegon this morning. The $18 million facility, the largest capital investment in Grand Rapids-based ADAC’s 38 year history as a Tier 1 automotive supplier, will house a new robotic system capable of painting thousands of parts for Ford Motor Company, Fiat-Chrysler, General Motors, Honda and other automakers. The new facility is located in ADAC’s Muskegon manufacturing complex.

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Jackson-based Worth Investment Group LLC has acquired Universal Sports Lighting, an Atlanta, Ill.-based supplier of indoor and outdoor lighting solutions for youth baseball and professional sports stadiums including U.S. Cellular Field, home of the Chicago White Sox. Worth Investment Group, a diversified holding company, also owns Hillsdale, Mich.-based Qualite Sports Lighting LLC, which supplies lighting for high schools, colleges, parks and recreation departments and minor league baseball clubs. Here's the release.

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Digital marketing agency Oneupweb, based in Traverse City, announced it has been awarded Women Business Enterprise (WBE) certification by the National Women Business Owner’s Corporation. The 17-year-old privately held firm has provided digital marketing services for a variety of national and regional clients including Meijer, Henry Ford Health System, Car & Driver and the National Association of Realtors.

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Alma-based Firstbank Corporation (Nasdaq: FBMI) reported second-quarter earnings improved 52 percent to $0.38 per share versus last year’s second quarter. The company said growth in portfolio loans, combined with a reduction in non-performing loans and real estate, helped drive the improvement in earnings. The $1.5 billion (assets) bank holding company also said it completed the redemption of all preferred stock and warrants it had issued in 2009 as part of the U.S. Treasury’s TARP Capital Purchase Program. The full release and financials are here.

Read 2513 times Last modified on Thursday, 25 July 2013 10:33

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