April 25, 2014 / 12:20 PM / in 4 years

UPDATE 1-Auto parts maker Lear's profit beats estimates, raises 2014 outlook

* Raises full-year sales outlook to $17.2 to $17.7 bln

* Q1 adj shr $1.84 vs est $1.70

* Q1 rev $4.36 bln vs est $4.29 bln (Adds outlook, analyst average, shares)

April 25 (Reuters) - Lear Corp, a maker of auto seats and electrical power systems, reported a better-than-expected jump in quarterly profit, driven by an increase in global vehicle production and raised its full-year sales outlook.

Lear joins larger seat maker Johnson Controls Inc, which reported strong second quarter results, helped by an increase in demand from the auto sector.

Global vehicle production increased 5 percent from a year ago. Production was up 6 percent in North America and 7 percent in Europe and Africa, Lear said.

Ford Motor Co, General Motors Co and BMW AG are Lear’s largest customers and made up about 54 percent of its sales in 2013.

Lear now expects 2014 sales in the range of $$17.2 billion to $17.7 billion, up from its previous estimate of $16.9 billion to $17.4 billion.

Analysts on average were expecting revenue of $17.30 billion for the full year, according to Thomson Reuters I/B/E/S.

“With a strong start to 2014, we are on track to deliver our fifth consecutive year of higher sales and earnings per share,” Chief Executive Matt Simoncini said in a statement.

Net income attributable to Lear rose 12 percent to $122 million, or $1.47 per share, in the first quarter ended March 29 from $108.5 million, or $1.13 per share, a year earlier.

Excluding items, Lear earned $1.84 per share.

Revenue rose 10 percent to $4.36 billion.

Analysts on average expected first-quarter earnings of $1.70 per share on revenue of $4.29 billion.

Lear shares closed at $84.88 on Thursday on the New York Stock Exchange. They have risen more than 17 percent since the company’s last quarterly results. (Reporting by Abinaya Vijayaraghavan and Sagarika Jaisinghani in Bangalore; Editing by Savio D‘Souza and Prateek Chatterjee)

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