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Gentex Corporation (GNTX)
Q4 2011 Earnings Call
January 31, 2012 - 10:30 a.m. ET
Connie Hamblin – Vice President, Investor Relations and Corporate Communications
Steve Dykman – Vice President of Finance and Chief Financial Officer
David Leiker – Robert W. Baird & Co, Inc.
Himanshu Patel – J.P. Morgan Securities, LLC
Richard Kwas – Wells Fargo Securities, LLC
John Murphy – Bank of America Merrill Lynch
Adam Brooks – Sidoti & Company, LLC
Steve Dyer – Craig-Hallum Capital Group, LLC
Brett D. Hoselton – KeyBanc Capital Markets, Inc.
Gregory W. Halter – LJR Great Lakes Review
H. Peter Nesvold – Jefferies & Company, Inc.
Previous Statements by GNTX
» Gentex Management Discusses Q3 2011 Results - Earnings Call Transcript
» Gentex CEO Discusses Q2 2011 Results - Earnings Call Trancript
» Gentex Q1 2009 Earnings Call Transcript
I would now like to turn the meeting over to Ms. Connie Hamblin, Vice President of Investor Relations and Corporate Communications. Please go ahead, Ms. Hamblin.
Thank you. Good morning, everyone. Thanks for participating in our fourth quarter conference call and joining me and Steve Dykman, our Chief Financial Officer, for a review of Gentex's fourth quarter and calendar year 2011 results.
As you know from the 8-K filed in January of 2010, Enoch Jen retired from full-time employment at the end of 2011, and will continue on a limited part-time basis for 15 months. I'm going to go through a few routine matters and then I will turn the call over to Steve.
This call is being broadcast live on the Internet via an icon on the homepage of Gentex Corporation's website. The auto playback of the conference call is also available on the website. All contents of Gentex Corporation's conference calls are the property of Gentex and may not be copied, published, reproduced, rebroadcast, retransmitted or otherwise redistributed without the express or written consent of Gentex.
Gentex Corporation alone holds such rights. While we understand that there may be companies that transcribe and redistribute our conference calls notwithstanding this warning, Gentex Corporation provides no authorization to do so and expressly disclaims any responsibility for any unauthorized use of the content.
We advise that you should not rely on the content of any unauthorized transcript, as Gentex Corporation will not be held liable for the content of any such transcript.
Gentex Corporation will hold responsible or liable any party for any damages incurred by Gentex Corporation with respect to any such unauthorized use. Your participation implies consent to our taping and to the foregoing terms. Please drop off the line if you do not agree to these terms.
Before we begin, I'd like to remind you of our forward-looking statements. Gentex Corporation will make forward-looking statements in this presentation related to its financial results for the fourth quarter and calendar year 2011 and beyond that are based on preliminary data and are subject to risks and uncertainties.
These forward-looking statements are based on management's beliefs, assumptions, current expectations, estimates and projections of the global automotive industry, the economy, the ability to control and leverage fixed manufacturing overhead costs, unit shipment and net sales growth, product mix, the ability to control ER&D and SG&A expenses, gross margins, and the company itself.
All statements other than statements of historical facts are declarations that are or could be consider to be forward-looking statements and include terms such as anticipate, outlook, expectations, estimates, projects or forecast and variations of such words and similar expressions.
These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, expense, likelihood and degree of occurrence, and actual results may differ materially from those in the forward-looking statements.
The company undertakes no obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events or otherwise. We urge you to review the full Safe Harbor statement that is contained in the news release that is posted on our website.
At this point, I will turn the call over to Steve Dykman and he will make some comments about the quarter.
Good morning and thank you for joining us on the call.
We're pleased to report record fourth quarter in terms of revenues and earnings. The company reported record fourth quarter 2011 net sales of $260.3 million, a 17% increase compared with net sales of $222.1 million in the fourth quarter of 2010. Record net sales of $1 billion for calendar year 2011, a 25% increase compared with net sales of $816.3 million in calendar year 2010.
We also reported record fourth quarter 2011 operating income of $55.8 million, a 10% increase compared with operating income of $50.6 million in the fourth quarter of 2010. Record operating income of $231.4 million for calendar year 2011, a 21% increase compared with operating income of $191 million in calendar year 2010.
We reported record fourth quarter 2011 net income of $40.5 million, a 10% increase compared with net income of $36.9 million in the fourth quarter of 2010. Record net income of $164.7 million for calendar year 2011, a 20% increase compared with net income of $137.7 million in calendar year 2010.
We reported record fourth quarter 2011 earnings per diluted share of $0.28, compared with $0.26 per share in the fourth quarter of 2010. Record calendar year 2011 earnings per diluted share were $1.14, compared to $0.98 per share in calendar year 2010.