Gentex Corporation GNTX reported third-quarter 2021 earnings of 32 cents per share, missing the Zacks Consensus Estimate of 36 cents. The reported figure compares unfavorably with prior-year quarter’s earnings of 48 cents per share. The earnings miss was due to the lower-than-projected auto-dimming mirror shipments in North America, which, in turn, resulted in weaker-than-expected revenues.This Zeeland-based automotive products supplier reported net sales of $399.6 million, lagging the Zacks Consensus Estimate of $423 million. Moreover, the top-line figure fell 15.8% year over year. The company recorded gross margin of 35.3% for the reported quarter, lower than the year-ago quarter’s 39.7% on lower year-over-year sales.Gentex Corporation Price, Consensus and EPS Surprise Gentex Corporation price-consensus-eps-surprise-chart | Gentex Corporation QuoteSegmental PerformanceThe Automotive segment’s net sales — which have the highest contribution to Gentex’s revenues — totaled $391.3 million for the third quarter, lower than the $464.7 million reported in the third quarter of 2020 and missing the Zacks Consensus Estimate of $461 million. For the reported quarter, auto-dimming mirror shipments in the North America market dropped 11% from the prior-year level to 3,252,000 units and also fell short of the consensus mark of 3,599,000 units. Shipments dropped 5% year over year in the international markets to 6,557,000 units. Total shipments also slid 7% year over year to 9,809,000 units.Other net sales, which include dimmable aircraft windows and fire protection products, dropped 17% from the year-ago quarter to $8.3 million. Dimmable aircraft window sales also plunged 34% year over year for the July-September period. Gentex expects the dimmable aircraft window sales to continue being impacted until a meaningful recovery of the aerospace industry begins and the Boeing 787 aircraft production levels get a boost.Financial TidbitsTotal operating expenses flared up 7% year over year to $52.7 million for third-quarter 2021. Engineering and R&D expenses rose to $29.6 million from $27.8 million recorded in the year-ago period. The SG&A expenses moved up to $23 million from the $21.6 million recorded in the corresponding quarter of 2020.Gentex paid dividends of 12 cents per share for the quarter. During the September-end quarter, it repurchased 2.83 million shares of its common stock for $90.6 million.Gentex — which shares space in the same industry with firms including Adient ADNT, Magna International MGA and American Axle & Manufacturing AXL — had cash and cash equivalents of $270 million as of Sep 30.Updated GuidanceBased on the mid-October IHS Markit forecast, light vehicle production in Gentex’s primary markets is expected to decrease 20% for the fourth quarter of 2021 from the year-ago period. Based on this light vehicle production forecast and the actual results of the third quarter of 2021, the company has updated its second-half 2021 guidance estimates.It now envisions net sales in the band of $770-$840 million for second-half 2021, lower than the previous outlook of $970 million-$1.07 billion. The gross margin is anticipated in the range of 35-36% compared to the earlier forecast of 37.5-38.5%. The capital expenditure forecast remains intact at $50-$60 million, while operating expenses are estimated within $105-$108 million, compared with the previous range of $105-$110 million. For calendar-year 2022, the Zacks Rank #3 (Hold) firm expects sales growth of 15-20%, year over year, compared to the previous estimate of 10-15% year over year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Axle & Manufacturing Holdings, Inc. (AXL): Free Stock Analysis Report Magna International Inc. (MGA): Free Stock Analysis Report Gentex Corporation (GNTX): Free Stock Analysis Report Adient (ADNT): Free Stock Analysis Report To read this article on Zacks.com click here.