ZEELAND — Buoyed by continued strength in the automotive market, Gentex Corp. reported double digit sales growth in the first quarter of 2017.
The Zeeland-based company manufactures automotive rearview mirrors and electronics, dimmable aircraft windows and fire protection products. Gentex generated $453.5 million in sales during its first quarter ending March 31. That represents a 12-percent increase compared to the $405.6 million the company reported during the previous year.
Gentex (Nasdaq: GNTX) increased its net income by 22 percent to approximately $97.6 million in the first quarter of 2017, compared to a net income of $80.3 million the company reported during the same quarter the previous year.
In addition to its performance, Gentex also repurchased 1.5 million shares of common stock, leaving 5.3 million shares available for repurchase at a later date.
The company also paid $40 million toward its revolving loan.