Gentex reports Q4 EPS 39c, consensus 49c

Reports Q4 revenue $541.6M, consensus $600.52M. “During the fourth quarter, there was significant weakness in our primary markets that impacted both light vehicle production volumes and product mix during the quarter,” said Gentex (GNTX) President and CEO Steve Downing. “We believe that a number of our OEM and Tier 1 customers looked to improve their incoming inventory levels during the quarter, and built a weaker mix of vehicles versus the trends we have seen over the last several quarters. As an example, approximately one half of our revenue shortfall in the fourth quarter came from lower-than-expected full display mirror unit shipments. Unfortunately, these changes all occurred within the quarter causing a significant variance from our beginning of quarter forecast.”