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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
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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