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UPDATE 1-Lear posts quarterly profit after gains
February 5, 2010 / 2:07 PM / 8 years ago

UPDATE 1-Lear posts quarterly profit after gains

* 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 (Reuters) - 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 million. (Reporting by Soyoung Kim and David Bailey, editing by Gerald E. McCormick)

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