Finally we get the report on how earnings will be affected from the GM strike. Also, GNTX announced a buyback. Will GNTX finally start ticking up? Here's the release:
Gentex sees GM strikes cutting Q3 EPS
ZEELAND, Mich., Aug 27 (Reuters) - Gentex Corp., which makes rearview mirrors and fire protection products, said Thursday that the
General Motors Corp. strikes that were settled in July will cut $0.03 a share from Gentex's third quarter earnings.
Gentex said it expects to make up for the lost third quarter revenues in the fourth quarter as GM makes up for production lost during the strikes. Gentex expects fourth
quarter unit shipments of its automatic-dimming rearview mirrors to be up 25 to 30 percent from the same period a year ago.
The company also said it will buy back up to 2 million of its shares in the next 12 months.
''The long-term, solid fundamentals of Gentex have not changed, and we believe that the recent decline in the company's stock price does not properly reflect those
fundamentals,'' Kenneth La Grand, executive vice president, said in a statement.
''This buyback program signifies our confidence in the long-term prospects for the company,'' he said.
Shares of Gentex closed down 5/8 at 11-3/8 |
