ZEELAND — Despite relatively flat light vehicle production globally, Gentex Corp. generated double-digit sales growth in its third quarter, continuing a trend the company has maintained since the beginning of the year.
Performance for the Zeeland-based manufacturer of rearview mirrors, automotive electronics and other components was largely driven by strong increases in its international mirror segment, which grew 14 percent compared to the same quarter in the previous year.
Overall, Gentex (Nasdaq: GNTX) generated $429.6 million in sales for the quarter, which ended Sept. 30. The recent sales figures represent a 10-percent increase compared to the $389.8 million the company generated in the third quarter of 2015, according to an earnings statement.
Diluted earnings also increased, rising 19 percent to 32 cents per share compared to the 27 cents per share Gentex reported in the third quarter last year.
Additionally, the company slightly downgraded its upside guidance for the full year. Gentex expects to close 2016 with net sales between $1.68 billion and $1.71 billion, down $10 million on the high side from its previous guidance.
Gentex generated $1.54 billion in 2015.