RTTNews | Jan 28, 2022 08:31AM EST

08:31 Friday, January 28, 2022 (RTTNews.com) - Automotive products firm Gentex Corp. (GNTX) reported on Friday that net income for the fourth quarter plunged to $84.18 million or $0.35 per share from 143.34 million or $0.58 per share in the prior-year quarter.

Net sales for the quarter declined to $419.84 million from $529.86 million in the same quarter last year.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share on revenues of $412.77 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company initiated its revenue guidance in the range of $1.87 billion to $2.02 billion. The Street expects revenues of $2.04 billion for the year.

Additionally, based on the Company's forecasts for light vehicle production for calendar year 2023, the Company currently expects calendar year 2023 revenue growth of approximately 15% - 20% above the 2022 revenue guidance.

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