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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
04/27/201611:18:44Quarterly Report (10-q)
04/27/201608:30:00Lear Profit Jumps 69%, Raises Full-Year Outlook
04/27/201607:34:22Current Report Filing (8-k)
04/27/201607:00:00Lear Reports Record First Quarter 2016 Results and Increases...
04/21/201608:00:00Lear Corporation Opens New Leather Cutting Plant in Szolnok...
04/21/201608:00:00Lear Corporation Opens New Leather Cutting Plant in Szolnok...
04/04/201615:00:00Lear Announces Date for First Quarter 2016 Earnings Conference...
03/31/201616:35:29Additional Proxy Soliciting Materials (definitive) (defa14a)
03/31/201616:33:44Proxy Statement (definitive) (def 14a)
03/18/201609:00:00Lear to Participate at the Bank of America Merrill Lynch 2016...
03/17/201620:40:00Auto Supplier Lear in Talks to Return Jobs to Detroit
03/15/201616:45:04Statement of Changes in Beneficial Ownership (4)
03/09/201617:04:07Current Report Filing (8-k)
03/09/201608:00:00Lear Corporation Appoints Dr. Mary Lou Jepsen to Board of Directors
02/22/201616:31:11Statement of Changes in Beneficial Ownership (4)
02/22/201616:27:46Statement of Changes in Beneficial Ownership (4)
02/22/201616:26:05Statement of Changes in Beneficial Ownership (4)
02/22/201616:22:59Statement of Changes in Beneficial Ownership (4)
02/22/201616:20:57Statement of Changes in Beneficial Ownership (4)
02/22/201616:19:26Statement of Changes in Beneficial Ownership (4)

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