Rear-view mirrors and fire protection products maker Gentex Corp. (GNTX) reported Wednesday a decline in second-quarter profit, reflecting a 31% decrease in sales. On a per share basis, however, earnings came in above analyst estimates by 4 cents.
For the second quarter, net income tumbled to $12.21 million or $0.09 per share from $26.86 million or $0.19 per share in the previous year.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share in the second quarter. Analysts' estimates typically exclude special items.
Income from operations dipped 55% year-over-year to $16.1 million from $35.8 million in the second quarter of 2008.
Net sales for the period dropped 31% to $117.34 million from $170.49 million in the corresponding quarter last year. Six analysts were expecting revenue of $115.05 million in the second quarter.
Total auto-dimming mirror unit shipments shrank 33% to 2,610 units from 3,913 units. Automotive revenues decreased 32% to $112.2 million from $164.8 million, while fire protection revenues slid 10% to $5.1 million from the same period last year.
For the first six months of fiscal 2009, net income dwindled to $10.65 million or $0.08 per share from $57.31 million or $0.40 per share in the previous year.
Sales for the first half of the year declined sharply to $211.17 million from $348.46 million in the same period last year.
GNTX closed Tuesday's regular trading hours at $12.35 on the NASDAQ.
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