Lear Corp. Q1 Profit Tops Estimates - Quick Facts

(RTTNews) - Lear Corp. (LEA) reported first quarter adjusted earnings per share of $2.05 compared to $4.00, a year ago. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.75, for the quarter. Analysts' estimates typically exclude special items. Core operating earnings was $205 million, compared to $378 million, prior year. Estimated negative impact of COVID-19 on Lear's core operating earnings in the first quarter was approximately $200 million.

First quarter sales decreased 14% to $4.5 billion. Excluding the impact of foreign exchange and acquisitions, sales were down 12%, reflecting production declines related to the COVID-19 pandemic, partially offset by the addition of new business. Analysts expected revenue of $4.29 billion for the quarter. Estimated negative impact of COVID-19 on Lear's sales was approximately $900 million.

"Excluding the impact of COVID-19, Lear's results reflect solid financial performance in both of our business segments," said Ray Scott, Lear's CEO.

The company ended the first quarter with cash and cash equivalents of $2.45 billion and total liquidity of $3.2 billion and has no significant near-term debt maturities.