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.
Continue reading Gentex Sales, Profits Rise
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.
Continue reading Nexteer Provides Advanced Cyber Security for Steering Systems
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.
Continue reading State Support OK’d For Business Expansions, Flint Incubator
SOUTHFIELD — The Southfield-based automotive supply chain software developer Radley Corp. Tuesday announced the launch of new web-based supplier collaboration software, iSC.
Continue reading Radley Adds Supplier Collaboration Softare
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.
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
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.
Continue reading Visteon Profits Dip On Discontinued Operations
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.
Continue reading Gentherm Profits Dip
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.
Continue reading Gentex Revenue Rises
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.
Continue reading State Aid OK’d For $29.8M In Business Expansions