RTTNews | Jan 29, 2021 08:31AM EST

08:30 Friday, January 29, 2021 (RTTNews.com) - Gentex Corp. (GNTX), a provider of automotive products, reported Friday that its net income for the fourth quarter surged to $143.3 million or $0.58 per share from $99.5 million or $0.39 per share in the year-ago period.

Net sales for the quarter grew 19 percent to $529.9 million from $443.8 million in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share for the quarter on revenues of $482.97 million. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2021, Gentex forecast revenue in a range of $1.94 billion to $2.02 billion. The Street expects revenues of $1.95 billion for the year.

Based on Gentex's forecasts for light vehicle production for calendar year 2022, it currently expects calendar year 2022 sales growth of about 4 percent to 8 percent above the 2021 sales estimates.

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