ZEELAND — The momentum built by Gentex Corp. in the beginning of the year has continued on into the automotive supplier’s second quarter, driven primarily by sales of the company’s auto-dimming mirrors.
The Zeeland-based manufacturer of rearview mirrors, automotive electronics and other components generated double-digit sales increases in its second quarter, which ended June 30.
Gentex (Nasdaq: GNTX) reported revenues of $423.8 million, a 12-percent increase over the $379.3 million the company generated during the same quarter the previous year, according to an earnings statement.
The company also increased earnings by 20 percent to 30 cents per share in its second quarter, compared to 25 cents per share during the same period in the prior year.
Executives point to strong performance of Gentex’s auto-dimming mirrors as the primary driver for the double-digit increase in revenues this quarter. Total shipments of auto-dimming mirrors rose 13 percent compared to last year.
On a whole, sales for Gentex’s automotive product lines reached $414.4 million, a 12-percent increase compared to the $370.5 million in sales the company generated in the its second quarter of 2015.
While Gentex deployed approximately $52 million of its total cash on hand this quarter, the company reported it still had nearly $500 million in cash on its balance sheet.