Why Gentex Missed Q3 Estimates and Cut Its Full-Year Sales Guidance
Auto industry supplier Gentex (NASDAQ: GNTX) reported that its net income fell by 34.5% year over year in the third quarter to $76.7 million ($0.32 per share) as its automaker customers were forced to cut production amid an ongoing global shortage of semiconductors. Revenue fell by 15.8% to $399.6 million.
Those results fell short of Wall Street's expectations. Among analysts polled by Thomson Reuters, the average estimate called for income of $0.37 per share on revenue of $434.57 million.
Gentex is the world's leading supplier of automotive rear-view mirrors that do anything more than simply reflect light. If your car's mirror automatically dims, has any sort of information display embedded in it, or has switches on it that control other functions in your vehicle, it was almost certainly made by Gentex. It's a niche business, but it's a good one: The company counts nearly all of the world's automakers as clients.
Source Fool.com
