Gentex Shares Fall After Narrowed Guidance, Lower Profit

Dow Jones10-24

Shares of Gentex dropped after the company reported lower profit and narrowed its full-year revenue outlook.

Shares fell 5.8% on Friday. The stock is down 11.2% year-to-date.

The technology and electronics supplier now expects full-year revenue of $2.65 billion, compared with its previous revenue guidance of $2.65 billion to $2.75 billion.

Gentex said it expects global light vehicle production to decline about 4% in the fourth quarter and about 2% for the year.

The company in the third quarter posted a profit of $90.6 million, or 43 cents a share, compared with $101 million, or 46 cents a share, a year earlier. Adjusted per-share earnings were 47 cents. Wall Street analysts polled by FactSet expected 50 cents.

Revenue fell to $647.7 million, compared with analyst expectations of $669.7 million.

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