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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
09/22/201610:43:00Gabelli & Company’s 40th Annual Automotive Aftermarket Symposium
09/19/201618:00:00Lear Announces Date for Third Quarter 2016 Earnings Conference...
09/12/201608:00:00Gabelli & Company’s 40th Annual Automotive Aftermarket Symposium
09/08/201612:29:00Lear Enters into a Strategic Partnership with Tempronics and...
09/08/201610:13:00Lear Corporation Sponsors Jaguar in FIA Formula E World Championship
09/08/201609:30:00Lear Corporation Sponsors Jaguar in FIA Formula E World Championship
08/24/201607:00:00Lear Appoints Dr. André Weimerskirch, a Renowned Industry Expert...
08/23/201618:00:00Lear Signs Investment Agreement for a New Leather Plant in Yangzhou
08/19/201607:00:00Lear Corporation Inducted Into The Billion Dollar Roundtable
08/10/201617:56:00Lear Declares Quarterly Cash Dividend
08/10/201607:00:00Lear Congratulates Conrad L. Mallett, Jr. For Being Named As...
08/09/201607:00:00Lear Renames Electrical Business Segment -- E-Systems
08/04/201616:01:00Lear to Participate at the J.P. Morgan Auto Conference
07/28/201610:43:20Quarterly Report (10-q)
07/28/201607:11:03Current Report Filing (8-k)
07/28/201607:00:00Lear Reports Record Second Quarter 2016 Results and Increases...
07/27/201607:30:00Qualcomm and Lear Corporation Sign Commercial Wireless Electric...
06/29/201613:15:28Statement of Changes in Beneficial Ownership (4)
06/23/201614:00:00Lear Announces Date for Second Quarter 2016 Earnings Conference...
06/14/201608:55:00Auto Parts Industry Stocks Technical Review -- BorgWarner, Dana...

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