Gentex shares peak as 3Q profit climbs on sales

Gentex shares soar to year high after 3Q results rise to top estimates on auto parts sales

• On 1:00 pm EDT, Wednesday October 21, 2009

ZEELAND, Mich. (AP) -- Shares of Gentex Corp. soared to a new year high Wednesday after the maker of rearview mirrors and fire protection products said its third-quarter profit jumped 58 percent on higher sales of its headlight and camera systems.

Net income climbed to $23.9 million, or 17 cents per share, from $15.1 million, or 11 cents per share, in the same period last year.

Analysts surveyed by Thomson Reuters expected earnings of 12 cents per share.

Revenue for the quarter ended Sept. 30 was $155.7 million, up 2 percent from $153.1 million in the year-ago period. Analysts forecast revenue of $137.8 million.

Enoch Jen, senior vice president of the Zeeland, Mich.-based company, said Gentex expects sales in the fourth quarter to increase by 30 percent to 35 percent from the fourth quarter of 2008. That implies revenue between $159 million and $165.1 million.

Gentex said its results in the latest quarter were helped by increased sales of its SmartBeam, a a high-beam head light assist system, and Rear Camera Display products, which display high-resolution, color images of objects behind the vehicle.

Shares advanced $2.68, or 18.5 percent, to $17.20 in midday trading. Earlier, the stock traded at $17.74, eclipsing a previous 52-week high of $15.50 set in September.