Category Archives: Auto Suppliers

Gentex Sales, Profits Rise

ZEELAND — Gentex Corp. (Nasdaq: GNTX), the Zeeland-based automotive and electronics manufacturer, reported net income of $97.6 million or 33 cents a share in the first quarter ended March 31, up from $80.3 million or 28 cents a share in the same quarter a year earlier.

Revenue was $453.5 million, up from $405.6 million a year earlier.

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Nexteer Provides Advanced Cyber Security for Steering Systems

AUBURN HILLS — Nexteer Automotive, the Chinese-owned power steering systems manufacturer, says it is adding cyber security technologies to protect against malicious intrusions and unverified steering commands.

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State Support OK’d For Business Expansions, Flint Incubator

LANSING — The Michigan Strategic Fund has approved three grants to create a new business incubator in Flint and build new manufacturing plants in the Grand Rapids area and Port Huron.

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Stoneridge Income Jumps On Tax Benefit

NOVI — Stoneridge Inc., the Novi-based manufacturer of electronics for the automotive and other transportation markets, reported net income of $48.4 million or $1.70 a share in the fourth quarter, up from $6.1 million or 22 cents a share in the same quarter of 2015.

Revenue was $172.6 million, up from $154.6 million a year earlier.

For the full year, net income was $77.5 million or $2.74 a share, up from $22.8 million or 82 cents a share a year earlier. Revenue was $696 million, up from $644.8 million a year earlier.

The company also issued an “adjusted earnings” figure removing the benefits of deferred tax assets in 2016. Without that benefit, net income for the fourth quarter was $9.6 million or 34 cents a share for the fourth quarter of 2016, and $40.2 million or $1.42 a share for the full year.

The company said it expected 2017 sales of between $705 milion and $730 million, and earnings before interest, taxes, depreciation and amortization of 10 to 11.5 percent of sales. The earnings per share guidance for 2017 was $1 to $1.15 a share.

For more information, including a replay of a conference call discussing the results, visit http://www.stoneridge.com.

Stoneridge was founded in 1965 in Warren, Ohio as a contract manufacturer for the auto industry. It went public in 1997 and moved its headquarters to Novi in 2016.

Superior Industries Sales, Net Income Dip

SOUTHFIELD — Superior Industries International Inc. (NYSE:SUP), the Southfield-based manufacturer of aluminum wheels for light vehicles, reported net income of $7.8 million or 31 cents a share in the fourth fiscal quarter ended Dec. 25, down from $8.1 million or 31 cents a share in the same quarter a year earlier. Revenue was $188.3 million, down from $194.6 million a year earlier. Continue reading Superior Industries Sales, Net Income Dip

Visteon Profits Dip On Discontinued Operations

VAN BUREN TWP. — The auto supplier Visteon Corp. (NYSE: VC) reported fourth quarter net income of $2 million or 6 cents a share, down from $21 million or 52 cents a share a year earlier. Revenu ewas $816 million, up from $809 million a year earlier.

For the full year, net income was $75 million or $2.14 a share, down from $2.28 billion or $52.63 a share a year earlier. Revenue for the full year was $3.16 billion, down from $3.25 billion a year earlier.

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Gentherm Profits Dip

NORTHVILLE — Gentherm Inc. (NASDAQ: THRM), the Northville-based manufacturer of thermal management products, reported net income of $26 million or 71 cents a share in the fourth quarter of 2016, down from $28.4 million or 78 cents a share a year earlier.

Revenue was $236.5 million for the quarter, up from $212.3 million a year earlier.

For the full year, net income was $76.6 million or $2.09 a share, down from $95.4 million or $2.62 a share in 2015. Revenue was $917.6 million, up from $856.4 million in 2015.

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Gentex Revenue Rises

ZEELAND — Gentex Corp. (Nasdaq: GNTX), the Zeeland-based manufacturer of automotive automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows, and fire protection products, reported revenue of $419.9 million in the fourth quarter, up 4 percent from $405.6 million in the final quarter of 2015.

Net income for the quarter was $88.8 million or 31 cents a share, up from $88.4 million or 30 cents a share a year earlier.

For the full year, revenue was $1.68 billion, up from $1.54 billion in 2015. Net income for the full year was $347.6 million or $1.19 a year, up from $318.5 million or $1.08 a share in 2015.

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State Aid OK’d For $29.8M In Business Expansions

LANSING — Three business expansions that will generate nearly $29.8 million in total investment and create 148 jobs in Michigan have received Michigan Strategic Fund approval for support, the Michigan Economic Development Corp. announced.

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