Business
Gentex Announces 4% Increase in Quarterly Cash Dividend
ZEELAND, Mich., March 09, 2020 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, and
About this update from Gentex Corporation
[{"type":"text","content":"ZEELAND, Mich., March 09, 2020 (GLOBE NEWSWIRE) -- Gentex Corporation (NASDAQ: GNTX), a leading supplier of digital vision, connected car, dimmable glass, and fire protection products, today reported that its Board of Directors recently authorized an increase of 4% to the quarterly cash dividend, raising it to $0.12 (12 cents) per share.\n “2019 was a challenging year for the industry, with large reductions in global light vehicle production and the strike that impacted the third and fourth quarters of 2019. Despite the end market weakness, the Company posted out-performance against our markets of approximately 7% for the year, and we believe that we are well positioned to continue outperforming our markets in the coming years,” said Steve Downing, Gentex President and CEO. “This dividend increase represents our optimism for the coming years, and marks the 10th consecutive year that the Company has increased its dividend payout.” Over the last two years, Gentex has continued to execute its capital allocation strategy, which focuses on using free cash flow to fund capital expenditures, maintain and grow the dividend, pursue M&A opportunities, and maintain a robust share repurchase philosophy. “In 2019 we returned nearly $450 million dollars to our shareholders through dividends and share repurchases,” said Downing. “Our consistent capital allocation strategy enables us to keep a real focus on developing new products and technologies, invest in industry leading manufacturing equipment and processes, increase dividends, and execute our share repurchase program. This strategy and execution have combined to allow us to achieve above market returns for our shareholders.” The next dividend will be paid at the new quarterly cash dividend rate and will be payable on April 22, 2020 to shareholders of record of the common stock at the close of business on April 10, 2020. Safe Harbor for Forward-Looking StatementsThis news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements contained in this communication that are not purely historical are forward-looking statements. Forward-looking statements give the Company’s current expectations or forecasts of future events. These forward-looking statements generally can be identified by the...