Atlanta, GA 4/19/12 (StreetBeat) -- Gentex Corp's (Nasdaq: GNTX) quarterly sales missed analysts' expectations, and the auto-parts maker forecast second-quarter revenue below estimates, sending shares down as much as 10 percent in early morning trade.The company, which also makes camera-based driver-assist systems and smoke alarms, said it expects sales to increase 15 percent, which translates into about $280 million.
Analysts were expecting $287.4 million, according to Thomson Reuters I/B/E/S.
The company also said it expects shipments of its rear camera display (RCD) mirrors to be flat in the year.
For the first quarter, gross margins fell to 34.7 percent from 36 percent because of customer price reductions, Gentex said.
Gentex, which was established in 1974 to manufacture residential smoke detectors, also provides dimmable aircraft windows for the passenger compartment on the Boeing 787 Dreamliner.
The Zeeland, Michigan-based company's exterior auto-dimming rearview mirrors dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
For the quarter ended March 31, revenue jumped 16 percent to $290.7 million but missed estimates of $294 million.
Net income rose to $46.3 million, or 32 cents per share, from $42.3 million, or 29 cents per share, a year ago.
Gentex shares were fell 9 percent at $23.18 in early morning trade on Thursday on the Nasdaq.
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