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Gentex Q1 profit climbs 9.5% YOY

Gentex Corp. said its normalized net income for the first quarter amounted to 22 cents per share, compared with the S&P Capital IQ consensus estimate of 25 cents per share.

EPS rose 7.6% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $66.1 million, a gain of 9.5% from $60.4 million in the prior-year period.

The normalized profit margin declined to 17.9% from 18.0% in the year-earlier period.

Total revenue rose 9.9% on an annual basis to $368.9 million from $335.7 million, and total operating expenses rose 9.5% from the prior-year period to $261.2 million from $238.6 million.

Reported net income rose 15.0% from the prior-year period to $77.6 million, or 26 cents per share, from $67.5 million, or 23 cents per share.