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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
01/28/201607:15:49Current Report Filing (8-k)
01/28/201607:00:00Lear Reports Record Fourth Quarter and Full Year 2015 Results;...
01/25/201617:40:00Harman CEO Expects to Double Revenue in 5 Years
01/08/201617:13:39Amended Statement of Ownership (sc 13g/a)
12/16/201508:00:00Lear Announces Date for Fourth Quarter and Full Year 2015 Earnings...
12/02/201514:50:24Statement of Changes in Beneficial Ownership (4)
12/02/201512:46:00Lear Recognizes 2015 "Supplier of the Year" Award Winners
11/30/201520:30:00Lear Takes Step Into Autonomous-Vehicle Systems
11/30/201508:00:00Lear Acquires Arada Systems, a Leading Automotive Technology...
11/20/201514:18:21Statement of Changes in Beneficial Ownership (4)
11/20/201514:15:36Statement of Changes in Beneficial Ownership (4)
11/20/201514:13:48Statement of Changes in Beneficial Ownership (4)
11/20/201514:12:33Statement of Changes in Beneficial Ownership (4)
11/20/201514:10:46Statement of Changes in Beneficial Ownership (4)
11/20/201514:09:29Statement of Changes in Beneficial Ownership (4)
11/20/201514:08:39Statement of Changes in Beneficial Ownership (4)
11/20/201514:06:20Statement of Changes in Beneficial Ownership (4)
11/20/201514:04:09Statement of Changes in Beneficial Ownership (4)
11/20/201514:03:17Statement of Changes in Beneficial Ownership (4)
11/19/201514:00:00Lear Declares Quarterly Cash Dividend

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