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6 years ago
UPDATE 1-Lear posts stronger-than-expected profit
April 29, 2011 / 12:01 PM / 6 years ago

UPDATE 1-Lear posts stronger-than-expected profit

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* EPS ex-items $1.46 vs Street view $1.15

* Sales $3.51 bln vs Street view $3.28 bln

* Affirms outlook for 2011 core operating earnings

DETROIT, April 29 (Reuters) - Lear Corp (LEA.N) on Friday posted a stronger-than-expected profit that more than doubled and maintained its full-year outlook as vehicle production rose in most of the world outside of earthquake-ravaged Japan.

Net income in the first quarter attributable to shareholders rose to $156 million, or $1.44 a share, compared with $66.1 million, or 61 cents a share, in the year-earlier quarter.

Excluding one-time items, it earned $1.46 a share, easily topping the $1.15 analysts polled by Thomson Reuters I/B/E/S had expected.

Sales rose 19.4 percent from last year to $3.51 billion, above the $3.28 billion analysts had expected. (Reporting by Ben Klayman in Detroit, editing by Dave Zimmerman)

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