Auto-parts maker Lear Corp. said profit jumped 29% in its latest quarter as results rode robust demand in the auto sector even in the face of currency headwinds.

Lear also increased its annual outlook for core operating earnings to a range of $1.27 billion to $1.3 billion, up from a previous $1.225 billion to $1.275 billion.

Automobiles have been flying off of dealers' lots at the fastest pace in a decade, which helps part makers' bottom lines. In September, U.S. car and light-truck sales rose nearly 16%, compared with the same period a year ago, for an annualized pace of 18.17 million vehicles. It was only the ninth time in history the monthly pace eclipsed 18 million, and the first time since 2005.

Lear customers include U.S. auto companies General Motors Co. and Ford Motor Co. as well as foreign manufacturers such as Daimler AG. Sales in its North America segment rose 13% to $1.9 billion in the latest quarter.

In a news release Friday, the company noted that vehicle production in the latest quarter increased by 5% in North America and 6% in Europe and Asia, balanced against declines of 6% in China and 21% in South America, which saw production lines grind to a halt for much of the year in Venezuela.

In Lear's seating segment, sales rose 5% to $3.4 billion, reflecting the company's acquisition of Eagle Ottawa Premium Leather and the addition of new business partially offset by foreign exchange volatility. Excluding currency impacts, sales increased 14%.

In the electrical division, sales dropped 7% to $973 million, but climbed 4% excluding foreign-exchange impacts.

Overall, the company posted a profit of $181 million, or $2.34 a share, up from $140.1 million, or $1.72 a share, a year earlier. On an adjusted basis, earnings per share were $2.56, up from $1.93 a year earlier.

Revenue climbed 2.3% to $4.33 billion.

Analysts surveyed by Thomson Reuters had forecast per-share earnings at $2.37 a share on revenue of $4.42 billion.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

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(END) Dow Jones Newswires

October 23, 2015 09:05 ET (13:05 GMT)

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