DETROIT Auto parts maker Lear Corp (LEA.N) beat Wall Street fourth quarter profit and sales expectations on rising auto sales, the company said on Friday.
Lear, maker of auto seats and electrical power systems, reported a net income of $882 million, and earnings per share of $9.00, which compares with $107 million and $1.03 earnings per diluted share a year ago.
The fourth quarter net income was inflated by tax benefits, mainly the reversal of a tax valuation allowance of $767 million.
Excluding one-time items, Lear posted earnings per share of $1.48 in the quarter, which beat expectations of $1.37 by analysts polled by Thomson Reuters I/B/E/S.
Revenue in the quarter was $3.7 billion, up from $3.5 billion a year before. Analysts had expected quarterly revenue of $3.55 billion, according to Thomson Reuters I/B/E/S.
(Reporting By Bernie Woodall; Editing by Gerald E. McCormick)