Lear revenue rises due to strong demand for auto parts in U.S.

Fri Jan 31, 2014 7:16am EST

The sign in front of the headquarters of Lear Corp., an auto parts maker, is seen in Southfield, Michigan February 9, 2007. REUTERS/Rebecca Cook

The sign in front of the headquarters of Lear Corp., an auto parts maker, is seen in Southfield, Michigan February 9, 2007.

Credit: Reuters/Rebecca Cook

(Reuters) - Lear Corp (LEA.N) reported a 14 percent increase in quarterly revenue as a rise in U.S. vehicle sales boosted demand for its car seats and electrical power systems.

Net income attributable to Lear fell to $72.8 million, or 88 cents per share, in the fourth quarter, from $881.9 million, or $9.00 per share, a year earlier.

The year-earlier quarter included a $767 million tax benefit from a reversal of valuation allowance related to deferred tax assets in the United States.

Excluding items, Lear earned $1.55 per share in the quarter ended December 31.

Revenue rose to $4.26 billion from $3.72 billion a year earlier.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Savio D'Souza)