Gentex Posts Double-Digit Earnings Growth Despite Three Significant Headwinds in First Quarter
We are not changing our fair value estimate on Gentex after analyzing the firm’s first-quarter results. A 2.6% year-over-year increase on revenue to $465.4 million did miss consensus of $480.1 million, and operating margin contracted by 200 basis points to 27.6%. Diluted EPS increased by 21%, or 15% excluding buybacks by our calculation, to $0.40, matching consensus. We see three headwinds in the quarter that drove the margin contraction. First, operating expenses rose 7% due to more staffing, w...Gentex designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The company's key business involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that use electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps. The company also designs, develops and manufactures various electronics features to the interior and exterior automotive rearview mirrors as well as interior visors and overhead consoles.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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