Lear Corp Q1 Profit Jumps, Above View; Confirms Guidance

(RTTNews) - Lear Corporation (LEA), an automotive technology leader in Seating and E-Systems on Thursday reported higher income and revenues for the first quarter of 2023.

Profit for the period was $143.6 million or $2.41 per share as compared with $49.4 million or $0.82 per share in the first quarter of 2022.

Adjusted net income for the period was $165.8 million or $2.78 per share as compared with $108.1 million or $1.80 per share in the first quarter of 2022.

13 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.58 per share. Analysts typically exclude one-time items.

Net sales increased 12 percent to $5.85 billion, from $5.21 billion in the first quarter of 2022.

11 analysts polled by Thomson Reuters were expecting the company to report revenues of $5.58 billion.

The company also confirmed its earlier guidance for 2023. Net sales is seen between $21.2 billion and $22.2 billion. Core Operating earnings is seen between $875 million and $1,075 million. Adjusted EBITDA is seen between $1,475 million and $1,675 million.

Shares of Lear Corporation are currently trading in pre-market at $ 129.65, down $1.32 or 1.01 percent from the previous close.