Gentex Corp.’s second-quarter net income was flat at $109 million and shares in the supplier rose nearly 9 percent in midday trading on Friday.
Revenue increased 3 percent to $468.7 million over the second quarter of 2018, Gentex said, noting it improved its results despite an 8 percent drop in global auto production and “overly optimistic” auto industry forecasts. Margins were dinged by tariffs implemented in July 2018, Gentex said. The company said operating expenses rose 5 percent to $48.6 million.
“We continue to manage our operating costs carefully and with discipline, while maintaining our focus on future growth,” the second-quarter report said.
The company typically is one of the first auto suppliers to report quarterly results, and many analysts view it as a bellwether for the segment.
Gentex shipped 10.8 million auto-dimming mirrors in the second quarter, up 2 percent from 2018. Deliveries of interior mirrors increased 1 percent to 7.5 million.
North American shipments…