ZEELAND — Driven by an increase in light vehicle sales, auto supplier Gentex Corp. generated double-digit revenue growth in its first quarter.
Zeeland-based Gentex (Nasdaq: GNTX) reported revenue of $405.6 million in its first quarter of 2016, which ended March 31. That’s a 10-percent increase from the $368.9 million in revenue it generated over the same period the prior year, according to financial results released by the company.
At the same time, the automotive supplier of rearview mirrors, automotive electronics and other components grew earnings per share by 8 percent in its first quarter to 28 cents per share, according to its financial statement.
Meanwhile, Gentex continues to hold large amounts of cash on its balance sheet, despite paying down $15 million in debt during its first quarter. The company closed its first quarter with approximately $626 million in cash and cash equivalents.