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Gentex Management Discusses Q1 2012 Results - Earnings Call Transcript

At this time, I will review the quarterly results and I am pleased to report an all-time record quarter in terms of net sales, operating income and net income despite a volatile automotive environment. The company reported record first quarter 2012 net sales of $290.7 million, a 16% increase compared with net sales of $250.9 million in the first quarter of 2011.

We also reported first quarter 2012 operating income of $65.5 million, a 9% increase compared with operating income of $60.1 million in the first quarter of 2011. We reported record first quarter 2012 net income of $46.3 million, a 9% increase compared with net income of $42.3 million in the first quarter of 2011. We reported record first quarter 2012 earnings per diluted share of $0.32 compared with $0.29 per share in the first quarter of 2011.

Next, we’ll look at automotive net sales and auto-dimming mirror unit shipments. For the first quarter ended March 31, total auto-dimming mirror unit shipments increased by 16% in the first quarter of 2011 compared with the first quarter last year. Automotive net sales increased by 16% from $246.3 million in the first quarter of 2011 to $285.7 million in the first quarter of 2012.

Auto-dimming mirror unit shipments increased by 18% in North America in the first quarter of 2012, primarily as a result of increased mirror unit shipments to the Detroit Three as well as Japanese and European transplant automakers. North American light vehicle production increased by 16% in the first quarter of 2012 compared with the same prior-year period.

Auto-dimming mirror unit shipments to offshore customers increased by 14% in the first quarter of 2012 compared with the same quarter last year. And the increase in unit shipments was primarily due to increased mirror unit shipments to certain European automakers. Light vehicle production in Europe decreased by approximately 4% in the first quarter of 2012, and increased by 33% in Japan and Korea in the first quarter of 2012, compared with the same quarter last year.

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