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Gentex Q4 sales gains lag forecasts; stock drops

2015-01-29 11:34:16| Automakers - Topix.net

Gentex Corp., a mirror, camera and electronic component supplier, said its fourth quarter net income rose a disappointing 2 percent while overall revenue jumped 7 percent from a year earlier. "The increase was behind the forecast provided at the beginning of the quarter primarily due to end of year inventory adjustments at certain tier-one automotive customers, that are not expected to continue," Automotive revenue for the quarter jumped 7 percent to $342.4 million, with mirror unit shipments increasing 9 percent from a year earlier.

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