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CHICAGO, Jan 27 (Reuters) - Auto parts maker Gentex Corp. said on Tuesday its quarterly earnings climbed 21 percent on higher sales of rear-view mirrors that dim automatically to cut headlight glare.
The company has added such features as compass and temperature displays, turn signals and map lamps to its mirrors to boost revenue.
Gentex shares climbed more than 5 percent in morning trading on the New York Stock Exchange.
Zeeland, Michigan-based Gentex, which also makes smoke detectors, said fourth-quarter net income rose to $29.1 million, or 37 cents per share, from $24.1 million, or 31 cents a share, a year ago.
Analysts had expected earnings of 35 cents a share, with estimates ranging from 34 cents to 37 cents, according to Reuters Research, a unit of Reuters Group Plc.
"Excellent earnings that are above expectations," said David Leiker, analyst with Robert W. Baird & Co.
Gentex said its revenue rose 15 percent to $123.9 million in the fourth quarter. Shipments of auto-dimming mirrors increased 20 percent to 2.7 million in the quarter from a year ago.
The company said it expects its mirror shipments to rise between 10 percent and 15 percent in 2004.
Shares of Gentex were up $2.49, or 5.7 percent, at $46.33 in morning trading on the New York Stock Exchange after hitting a new all-time intraday high of $47.08.