RTTNews | Oct 22, 2021 08:41AM EDT

08:41 Friday, October 22, 2021 (RTTNews.com) - Gentex Corporation (GNTX) said the effects of the electronic component shortages worsened during its third quarter. On a quarter-over-quarter basis, global light vehicle production in its primary regions of Europe, North America, Japan/Korea and China decreased 23% compared to prior year quarter. Net income declined year-on-year primarily due to changes in sales, gross margins and operating profits. The gross margin for the third quarter of 2021 was at 35.3%, below the company's original forecasts, primarily impacted by the lower sales levels stemming from the decline in light vehicle production in primary regions. Auto-dimming mirror unit shipments fell 7% during the quarter from a year ago.

Earnings per share was $0.32, compared to $0.48, previous year. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.37, for the quarter. Analysts' estimates typically exclude special items. Net income was $76.7 million, compared to $117.1 million, last year.

Net sales were $399.6 million, compared to $474.6 million, previous year. Analysts expected revenue of $434.57 million, for the quarter. Automotive net sales were $391.3 million, compared to $464.7 million, prior year.

The company also issued updated guidance estimates for the second half of 2021. Gross margin is now estimated in a range of 35% - 36%, revised from prior guidance range of 37.5% - 38.5%. Revenue is now projected to be in a range of $770 million - $840 million, updated from prior guidance range of $970 million - $1.07 billion.

Based on the mid-October 2021 light vehicle production estimates for 2022, the company expects its revenue for calendar year 2022 to be approximately 15% - 20% higher than the updated 2021 revenue estimates of $1.68 - $1.75 billion.

Shares of Gentex were down 3% in pre-market trade on Friday.

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