Oct 26 Auto parts maker Lear Corp beat
Wall Street third-quarter profit and sales expectations and
increased its forecast for full-year net income by $15 million,
based on strong North American sales.
Lear's net income was $121.4 million, or $1.23 per share,
compared with $100.7 million, or 95 cents per share a year ago.
Adjusted earnings per share were $1.29, the company said on
Friday. The earnings beat analyst expectations of $1.20 per
share, according to Thomson Reuters I/B/E/S.
Overall, Lear's sales were $3.54 billion, up 2 percent from
a year earlier. Analysts had expected revenue of $3.47 billion,
according to Thomson Reuters I/B/E/S.
Lear, based in suburban Detroit, said it expects full-year
adjusted income to be between $520 million and $560 million, up
from a previous forecast of $510 million to $540 million,
primarily because of lower expected tax expense.
In the quarter, Lear repurchased 1.3 million shares of its
common stock for $50 million.