Gentex Posts 1st-quarter Loss As Sales Tumble

ZEELAND, Mich. (AP) — Gentex Corp., which makes rearview mirrors and fire protection products, on Wednesday reported a first-quarter loss, citing the continued decline in automotive production.

Gentex's loss amounted to $1.6 million, or a penny per share, compared with a profit of $30.4 million, or 21 cents per share, in the year-ago period. Sales dropped 47 percent to $93.8 million from $178 million.

Analysts polled by Thomson Reuters expected a profit of 2 cents per share on $104.7 million in revenue.

Total auto-dimming mirror unit shipments fell 50 percent, while automotive revenue dropped 48 percent to $89 million. Fire protection revenue fell 17 percent to $4.9 million, mainly as a result of the weak commercial construction market, Gentex said.

Based on current light vehicle production estimates, Gentex said it expects its second-quarter revenue to fall about 30 percent. Based on the company's second-quarter 2008 sales of $163.5 million, the guidance implies sales of about $114.5 million.

Analysts, on average, expect second-quarter sales of $123.2 million.