Gentex Falls After Announcing Q2 Earnings

Gentex Corporation GNTX is trading lower on the session following its Q2 earnings announcement. The company reported an EPS of $0.28 vs $0.29 estimates and revenues of $280.3 million vs $280.55 million estimates. Gentex also announced it expects a Q3 net sales in the range of flat to an increase of 5 percent versus the Q3 of 2011. Gentex Chairman of the Board and Chief Executive Officer Fred Bauer said, "While we are pleased with the growth in net sales in the second quarter, we recognize that we have work to do to improve the gross profit margin. The results from the second quarter of 2012 also demonstrate that we have reduced the rate of increase in our operating expenses, due to a focused effort to make sure those expenses are in line with the Company's top line revenue growth." Gentex is currently trading at $16.33, a loss of $4.82 or 22.79 percent.