Gentex Shares Slide as Automotive Outlook Dims

The company now anticipates full-year revenue of $2.65 billion, abandoning the upper end of its previous $2.75 billion target. This adjustment follows a challenging third quarter where profit slipped to $90.6 million, or 43 cents per share, down from $101 million a year ago. Adjusted earnings of 47 cents per share missed the 50-cent consensus target established by FactSet analysts.

Revenue for the period totaled $647.7 million, trailing the $669.7 million expected by Wall Street. Management attributed the pressure to a softening market, projecting global light vehicle production to contract by 4% in the fourth quarter and 2% for the full year.