Gentex Corp. dropped the most in more than six years, after forecasting a sales gain this quarter that was lower than analysts estimated.
Gentex fell 16 percent to $21.35 at the close in New York, the largest decrease since January 2006. The decline doubled Gentex’s slide this year to 28 percent. The shares rose 0.1 percent in 2011.
Second-quarter sales will rise about 15 percent, Chief Financial Officer Steve Dykman said in a statement today. The average estimate of eight analysts surveyed by Bloomberg was for a gain of 19 percent to $288 million from a year earlier.
The company’s second-quarter forecast “looks a little light,” Peter Nesvold, a New York-based analyst for Jefferies & Co., wrote in a report.
Gentex. based in Zeeland, Michigan, makes rear- and side-view mirrors that include camera displays. It competes against Magna International Inc., an Aurora, Ontario-based maker of similar mirrors and cameras.
The company reported first-quarter net income of $46.3 million on revenue of $290.7 million, both records. That compares to a year-ago profit of $42.3 million on revenue of $250.9 million.