Gentex beats by $0.01, misses on revs; guides Q4 revs below consensus; authorized an additional 4 mln shares for repurchase under the existing share repurchase plan
8:12 AM ET 10/23/12 | Briefing.com
Reports Q3 (Sep) earnings of $0.29 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.28; revenues fell 0.5% year/year to $268.2 mln vs the $277.63 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of ~flat YoY calc to ~ $260.35 vs. $273.03 mln Capital IQ Consensus Estimate. The gross profit margin increased on a sequential basis to 33.6 percent in the third quarter of 2012 compared with 33.1 percent in the second quarter of 2012, primarily due to purchasing cost reductions.
The Company also announced that the Board of Directors has authorized an additional four million shares for repurchase under the existing share repurchase plan.
Outlook: "As previously mentioned, we are concerned about the deteriorating macroeconomic environment, particularly in Europe, which is our largest shipping destination..We continue to experience increasing volatility in customer orders within the 12-week customer release window, with some of our customers, including the tier one mirror suppliers, reducing orders. This is making it increasingly more difficult to forecast with any degree of certainty," said Dykman. Based on the Company's expected net sales for the fourth quarter of 2012, Dykman said that the Company currently expects that its gross profit margin for the fourth quarter of 2012 will be down slightly sequentially compared with the gross profit margin of 33.6 percent reported in the third quarter of 2012."
