Shares of Gentex Corporation (NASDAQ:GNTX) ended Wednesday session in red amid volatile trading. The shares closed down -0.08 points or -0.48% at $16.74 with 2.73 million shares getting traded. Post opening the session at $16.19, the shares hit an intraday low of $16.06 and an intraday high of $16.84 and the price vacillated in this range throughout the day. The company has a market cap of $4.80 billion and the numbers of outstanding shares have been calculated to be 286.51 million shares.
Gentex Corporation (GNTX) recently stated financial results for the three months ended September 30, 2016.
3rd Quarter 2016 Quarter over Quarter Highlights
Revenue growth of 10% on flat light vehicle production
Gross Margin improved to 40.5% from 39.0%
Income from Operations raised by 15%
Net Income raised by 18%
Earnings per Diluted Share raised by 19% to $0.32 per diluted share
1.8 million shares repurchased during the quarter
$11.9 million of debt repaid during the quarter
For the third quarter of 2016, the Company is happy to report net sales of $429.6 million, which was a boost of 10% contrast to net sales of $389.8 million in the third quarter of 2015. The 10% sales growth was driven by a 9% quarter over quarter increase in auto-dimming mirror unit shipments, while overall automotive light vehicle production, in the Company’s primary regions, declined about 40 basis points for the third quarter of 2016 when contrast with the same quarter in 2015.
The gross profit margin in the third quarter of 2016 was 40.5%, contrast with a gross profit margin of 39.0% in the third quarter of 2015. The quarter over quarter increase in the gross profit margin was driven by purchasing cost reductions and favorable product mix, which more than offset annual customer price reductions.
Shares of Coty Inc (NYSE:COTY) ended Wednesday session in red amid volatile trading. The shares closed down -2.24 points or -10.23% at $19.65 with 25.74 million shares getting traded. Post opening the session at $19.38, the shares hit an intraday low of $18.48 and an intraday high of $19.90 and the price vacillated in this range throughout the day. The company has a market cap of $14.45 billion and the numbers of outstanding shares have been calculated to be 74.01 million shares.
Coty Inc (COTY) declared recently that it has reached a definitive agreement to acquire ghd (www.ghdhair.com), a premium brand in high-end hairstyling appliances from Lion Capital LLP for about ₤420 million (ca.USD$510 million) in cash. The transaction will be funded with a combination of cash on hand and available debt facilities. Upon closing, the acquisition is expected to be right away accretive to Coty’s earnings.
The addition of ghd’s market-leading and high-performance lines of hair straighteners, hairdryers, curlers and other hairstyling appliances is expected to further strengthen Coty’s worldwide leading position in the professional hair category. ghd products represent the top of the range in its category, attracting strong loyalty with both professionals and consumers. ghd’s products are known for unsurpassed quality, beautiful design and excellent performance, and will facilitate Coty to offer salon partners and their clients an improved and more premium range of hair solutions. Coty also aims to accelerate ghd’s strong track record of growth through its channel and category capabilities combined with ghd’s strong innovation pipeline, superior technology and robust technical expertise.