Gentex Corp. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of $326,769,678, income from operations of $95,635,657, income before income taxes of $104,137,938, net income of $69,881,024 or $0.48 per diluted share compared to the net sales of $260,349,122, income from operations of $53,818,682, income before income taxes of $58,472,501, net income of $39,598,634 or $0.28 per diluted share for the same quarter a year ago. Cash flow from operations was $93.6 million compared with $81.4 million in the fourth quarter of 2012, driven by increases in net income and changes in working capital. Capital expenditures for the fourth quarter of 2013 were $17.4 million compared with $19.9 million in the fourth quarter of 2012.

For the year, the company reported net sales of $1,171,864,171, income from operations of $304,741,813, income before income taxes of $328,064,043, net income of $222,929,949 or $1.55 per diluted share compared to the net sales of $1,099,559,521, income from operations of $234,455,232, income before income taxes of $249,625,600, net income of $168,586,840 or $1.17 per diluted share for the same period a year ago. Cash flow from operations was $317.3 million compared to $257.8 million in 2012, also driven by increased net income and changes in working capital. Capital expenditures were $55.4 million compared with $117.5 million for calendar year 2012, primarily driven down by reduced expenditures on facility expansions.

Based on the January 2014 IHS production forecast and current forecasted product mix, the company estimated that net sales in the first quarter of 2014 will increase approximately 20% compared to the first quarter of 2013 and estimates the gross profit margin to be approximately 39%.

The company estimates the capital expenditures for calendar year 2014 will be approximately $75 million to $85 million compared to $55.4 million in 2013. The company estimates that depreciation and amortization expense for calendar year 2014 will be approximately $80 million to $85 million compared to $62.9 million in 2013. The company expects the tax rate for calendar year 2014 to be approximately 32.75% based on the current tax laws specifically related to expired research and development tax credits.