* Q4 net income $1.23 bln; core oper earnings $115.5 mln
* Sees 2010 net sales of $10.2 bln-10.7 bln
DETROIT Feb 4 Auto parts maker Lear Corp
(LEA.N) on Friday posted a fourth-quarter profit supported by a
gain related to its emergence from bankruptcy in November and
increases in auto industry production around the world.
U.S. auto sales plunged to a 27-year low in 2009 under the
economic downturn, pressuring automakers and suppliers alike,
but industry production began to pick up in the fourth quarter
in the U.S. and was up sharply in emerging markets and Europe.
Lear posted net income of $1.23 billion for the fourth
quarter, after a gain of $1.5 billion related to the
reorganization and fresh start accounting adjustments, compared
with a net loss of $688.2 million a year earlier.
The maker of auto seating and electrical systems reported
income of $115.5 million from core operating earnings in the
fourth quarter. Net sales rose 5.4 percent to $2.74 billion.
Lear, which has been in a multiyear restructuring, ended
2009 with a cash balance of $1.6 billion and less than $1
billion of debt after its bankruptcy reorganization.
Lear expects net sales of $10.2 billion to $10.7 billion in
2010 and core operating earnings of $250 million to $350
(Reporting by Soyoung Kim and David Bailey, editing by Gerald