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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
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...
06/09/201616:50:00Auto-Parts Makers Invest in Mexico, China on Production Strength
06/07/201621:00:00Lear Signs Agreement for a New and Expanded Asia-Pacific Regional...
06/07/201615:15:05Statement of Changes in Beneficial Ownership (4)
05/25/201617:54:53Amended Statement of Changes in Beneficial Ownership (4/a)
05/23/201615:21:18Specialized Disclosure Report (sd)
05/23/201612:23:44Statement of Changes in Beneficial Ownership (4)

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