July 25, 2014 / 11:31 AM / 3 years ago

Lear easily beats Wall St earnings expectations

DETROIT, July 25 (Reuters) - Lear Corp, maker of auto seats and electrical power systems, on Friday beat Wall Street’s earnings expectations for the second quarter and increased its full-year outlook.

Excluding one-time items that were primarily restructuring costs, Lear earned $2.12 per share. Analysts polled by Thomson Reuters I/B/E/S had expected $1.97.

Net income rose to $148.5 million, or $1.81 per share, from $137.3 million, or $1.60 per share, a year earlier.

Lear, which is based in suburban Detroit, said revenue for the quarter was $4.59 billion, which exceeded expectations of $4.44 billion.

The company said it expected sales for the year to range from $17.6 billion to $17.9 billion. It had previously forecast $17.2 billion to $17.7 billion.

Lear said it expected core operating earnings of $975 million to $1.025 billion, up from a previous range of $935 million to $985 million. (Reporting by Bernie Woodall; Editing by Lisa Von Ahn)

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