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Gentex Q4 profit climbs 23.4% YOY

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Gentex Q4 profit climbs 23.4% YOY

Gentex Corp. said its fourth-quarter normalized net income amounted to 27 cents per share, compared with the S&P Capital IQ consensus estimate of 27 cents per share.

EPS rose 24.2% year over year from 22 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $78.9 million, an increase of 23.4% from $63.9 million in the prior-year period.

The normalized profit margin increased to 19.8% from 18.2% in the year-earlier period.

Total revenue rose 15.7% year over year to $405.6 million from $350.4 million, and total operating expenses grew 11.6% year over year to $280.9 million from $251.8 million.

Reported net income rose 27.1% year over year to $91.3 million, or 30 cents per share, from $71.8 million, or 24 cents per share.

For the year, the company's normalized net income totaled 96 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.05.

EPS rose 13.5% from 85 cents in the prior year.

Normalized net income was $285.4 million, a gain of 14.2% from $249.8 million in the prior year.

Full-year total revenue grew 12.2% from the prior-year period to $1.54 billion from $1.38 billion, and total operating expenses grew 11.1% on an annual basis to $1.08 billion from $976.7 million.

The company said reported net income grew 10.9% year over year to $319.9 million, or $1.08 per share, in the full year, from $288.4 million, or 98 cents per share.