Gentex Corp (GNTX) has reported a 21.52 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $97.56 million, or $0.33 a share in the quarter, compared with $80.28 million, or $0.28 a share for the same period last year.
Revenue during the quarter grew 11.83 percent to $453.54 million from $405.57 million in the previous year period. Gross margin for the quarter contracted 37 basis points over the previous year period to 38.76 percent. Total expenses were 70.36 percent of quarterly revenues, up from 70.20 percent for the same period last year. That has resulted in a contraction of 16 basis points in operating margin to 29.64 percent.
Operating income for the quarter was $134.43 million, compared with $120.85 million in the previous year period.
Working capital increases
Gentex Corp has recorded an increase in the working capital over the last year. It stood at $920.20 million as at Mar. 31, 2017, up 6.40 percent or $55.38 million from $864.82 million on Mar. 31, 2016. Current ratio was at 4.35 as on Mar. 31, 2017, down from 5.43 on Mar. 31, 2016.
Days sales outstanding went down to 44 days for the quarter compared with 47 days for the same period last year.
Days inventory outstanding has decreased to 32 days for the quarter compared with 67 days for the previous year period.
Debt comes down significantly
Gentex Corp has recorded a decline in total debt over the last one year. It stood at $36.25 million as on Mar. 31, 2017, down 82.63 percent or $172.50 million from $208.75 million on Mar. 31, 2016. Total debt was 1.53 percent of total assets as on Mar. 31, 2017, compared with 9.50 percent on Mar. 31, 2016. Debt to equity ratio was at 0.02 as on Mar. 31, 2017, down from 0.12 as on Mar. 31, 2016.
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