30/05/2020

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Gentex Q1 net income down 14% to US$89.5m | Automotive Industry News

Gentex has posted 1st-quarter web revenue down 14% to US$89.5m, driven by misplaced revenue because...

Gentex has posted 1st-quarter web revenue down 14% to US$89.5m, driven by misplaced revenue because of to the pandemic and the influence on gross margins.

The provider noted Q1 web revenue falling three% to US$453.8m, as opposed to US$468.6m in the 1st quarter of 2019.

The influence of the coronavirus pandemic established shutdowns in the automotive business in various sections of Asia, Europe, and North The united states, which resulted in an approximated negative influence on web revenue of all over US$40m for the 1st quarter of 2020.

World light-weight vehicle creation finished the 1st quarter of 2020 down 24%.

“For the 1st two months of the 1st quarter, major-line earnings development was progressing in line with our forecasts, with modest negative impacts coming from reductions in China as a consequence of the pandemic,” reported Gentex president and CEO, Steve Downing.

“By mid-March, the pandemic was negatively affecting European OEM’s much more drastically and then the North American creation environment was introduced to a grinding halt. The large vast majority of the US$40m shortfall in revenue happened during the past two months of March.”

Show the press release

https://ir.gentex.com/information-releases/information-release-facts/gentex-reports-1st-quarter-2020-fiscal-results

Authentic supply: https://ir.gentex.com/information-releases/information-release-facts/gentex-reports-1st-quarter-2020-fiscal-results