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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
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)
05/15/201516:29:38Statement of Changes in Beneficial Ownership (4)
05/15/201516:27:27Statement of Changes in Beneficial Ownership (4)
05/15/201516:27:27Statement of Changes in Beneficial Ownership (4)
05/14/201517:08:56Current Report Filing (8-k)
05/14/201513:25:00Lear Declares Quarterly Cash Dividend
05/08/201517:05:54Statement of Changes in Beneficial Ownership (4)
05/08/201517:02:35Statement of Changes in Beneficial Ownership (4)
05/08/201517:00:29Statement of Changes in Beneficial Ownership (4)
05/01/201517:25:28Additional Proxy Soliciting Materials (definitive) (defa14a)
04/28/201514:15:00Xenith Football Moves Helmet Assembly Operation to Detroit
04/27/201513:13:48Lear PT Raised to $132.00 at Citigroup Inc. (LEA)
04/27/201510:05:24Lear Given New $124.00 Price Target at Barclays (LEA)
04/27/201509:16:32Lear Price Target Increased to $120.00 by Analysts at Deutsche...

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