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Lear 2Q Net Up 11% On Broad Growth; Lifts Full-Year View

DOW JONES NEWSWIRES Lear Corp.'s (LEA) second-quarter earnings grew 11% as the auto-parts supplier reported higher sales across all regions, led by North America and Asia. Looking ahead, the company now sees full-year earnings of $4.95 to $5.30 a share, reflecting the company's recently enacted 2-for-1 stock split, on revenue of $13.4 billion to $13.8 billion. Previously, Lear had projected revenue of $13 billion to $13.4 billion. The maker of automotive seating systems and electrical systems cut its debt obligations and shed thousands of workers while in bankruptcy, giving the company an improved liquidity position. Now, those deep cuts are paying off as sales of new cars and trucks recover. Lear reported earnings of $177.5 million, or $1.65 a share, up from $159.8 million, or $1.48 a share, a year earlier. Net sales climbed 21% to $3.68 billion. Analysts surveyed by Thomson Reuters expected a profit of $1.29 a share on revenue of $3.46 billion. In the larger seating segment, sales were up 19%, primarily driven by new business and the positive impact of foreign currency exchange, while they grew 29% in the electrical power management segment. Revenue in Europe, Lear's biggest market, rose 18%. North American sales climbed 23%, Asia sales were up 29% and sales in the rest of the world improved 17%. Shares closed Wednesday at $47.05 and were inactive premarket. -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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