Gentex Corp.’s fourth-quarter net income fell 19 percent to $106.3 million, sending shares down.
The Zeeland, Mich., supplier of mirrors said revenue fell 1 percent to $453.4 million over the fourth quarter of 2018. Gentex said plant shutdowns and changes to production schedules at automakers, as well as order adjustments at certain Tier 1 auto suppliers, dinging quarterly revenue.
The company is among the first major auto suppliers to report its quarterly results and many analysts view it as a bellwether for the supplier segment.
Production of auto-dimming interior and exterior mirrors increased 2 percent to 10.2 million units. North American shipments improved 11 percent to 3.36 million units while international shipments fell 2 percent to 6.87 million units.
Gentex said its gross profit margin in the fourth quarter fell 1.3 percentage points to 37.9 percent, primarily because of the impact of higher tariffs, the company said.
The company’s shares fell 6.2 percent to $21.59 in midday trading.
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