Gentex Q1 Profit Down

(RTTNews) - Gentex Corp. (GNTX), a supplier of digital vision, connected car, dimmable glass and fire protection technologies, reported that its net income for the first quarter of 2019 decreased 6% to $104.3 million from the previous year $111.2 million, primarily a result of the increased operating expenses and an increased tax rate on a quarter over quarter basis.

Earnings per share in the first quarter of 2019 remained at $0.40, in-line with earnings per share of $0.40 in the first quarter of 2018, as a result of the 7% reduction in diluted shares outstanding from share repurchases which are a part of the execution of capital allocation strategy. Analysts polled by Thomson Reuters expected the company to report earnings of $0.39 per share for the first-quarter. Analysts' estimates typically exclude special items.

Net sales were $468.6 million, an increase of 1% from $465.4 million last year. Analysts expected revenue of $465.38 million for the quarter.