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Lear Swings To 2Q Profit On Higher Sales, Fewer Charges

DOW JONES NEWSWIRES Lear Corp. (LEA) swung to a second-quarter profit on fewer restructuring charges and better-than-expected sales growth as automobile production continues to improve. The maker of automotive seating systems, electrical distribution systems and electronic products cut its debt obligations and shed thousands of workers while in bankruptcy, giving the company improved liquidity. Lear posted a profit of $159.8 million, or $2.96 a share, compared with a year-earlier loss of $173.6 million, or $2.24 a share. Costs and fees related to restructuring hurt results by $12.2 million in the latest period and $33.9 million a year earlier. Net sales climbed 33% to $3.04 billion. Analysts surveyed by Thomson Reuters expected a profit of $1.29 on sales of $2.92 billion. Gross margin soared to 9.6% from 1.6% on the sales gains. Revenue jumped 83% in North America, and grew 8.9% in Europe. About 66% of the company's sales were generated outside of North America in the latest quarter. In the larger seating segment, sales increased 30%, while they surged 46% in the electrical segment. Both segments benefited from higher global vehicle production. Shares of Lear, which affirmed its full-year revenue target, closed Monday at $78.79 and were inactive premarket. The stock is up 16% this year. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Lear (LEA)
DateTimeHeadline
08/17/201508:00:00Lear Acquires Intellectual Property from Autonet Mobile, a Leading...
08/10/201514:24:00Lear Declares Quarterly Cash Dividend
08/07/201512:48:47Statement of Changes in Beneficial Ownership (4)
07/27/201516:20:52Post-effective Amendment to an Automatic Shelf Registration of...
07/24/201511:37:33Quarterly Report (10-q)
07/24/201507:11:01Current Report Filing (8-k)
07/24/201507:00:00Lear Reports Record Quarterly Earnings and Increases 2015 Financial...
07/21/201509:05:00Technical Updates on Consumer Goods Sector Stocks -- Ford Motor...
07/13/201512:50:06IAC Will Look at Possible Acquisitions or a Merger of Equals
07/10/201512:49:10Amended Statement of Ownership (sc 13g/a)
07/08/201507:30:00Gabelli & Company’s 39th Annual Automotive Aftermarket Symposium
06/18/201517:00:00Lear Announces Second Quarter 2015 Earnings Conference Call
06/09/201515:40:12Statement of Changes in Beneficial Ownership (4)
05/29/201516:37:31Specialized Disclosure Report (sd)
05/19/201502:00:00Lear Plans to Open Automotive Seat Cover Plant in Gostivar, Macedonia
05/19/201502:00:00Lear Plans to Open Automotive Seat Cover Plant in Gostivar, Macedonia
05/15/201516:41:47Statement of Changes in Beneficial Ownership (4)
05/15/201516:38:22Statement of Changes in Beneficial Ownership (4)
05/15/201516:34:51Statement of Changes in Beneficial Ownership (4)
05/15/201516:32:14Statement of Changes in Beneficial Ownership (4)

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