Growth in auto-dimming mirror unit shipments and a strong mix of products with advanced features helped supplier Gentex Corp. post a 44 percent jump in fourth-quarter net income.
The company, which released its financial results Friday, also said it benefited from cost reductions implemented over the year.
The Zeeland, Mich., supplier of digital vision, connected car, dimmable glass and fire protection products posted net income of $143.3 million for the fourth quarter, a company quarterly record, compared with $99.5 million in the year-earlier period.
Net sales for the quarter also broke a company quarterly record with $529.9 million, a 19 percent increase from a year earlier. During the quarter, Gentex paid down the remaining $25 million balance of its short-term debt.
As one of the earlier suppliers to report quarterly results, Gentex is often viewed as a bellwether for global suppliers.
“When you combine this level of financial performance, with our common-sense approach to capital allocation, we believe we are forging a pathway to a significant increase in overall shareholder returns,” CEO Steve Downing said in a statement.
Shares of Gentex were down 1.3 percent to $33.12 in midday trading Friday amid a broad market decline.