Lear Corp. Q4 Profit Tops Estimates; Sales Up 10%

(RTTNews) - Lear Corp. (LEA) reported fourth-quarter adjusted profit per share of $2.81 compared to $1.22, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $2.57, for the quarter. Analysts' estimates typically exclude special items.

Net profit was $118 million or $1.97 per share compared to $22 million or $0.36 per share, prior year. Sales increased 10% to $5.4 billion, compared to $4.9 billion in the fourth quarter of 2021. Analysts on average had estimated $5.22 billion in revenue. Excluding the impact of commodities, foreign exchange and acquisitions, sales were up 13%, for the quarter.

In the fourth quarter, global vehicle production increased by 2% compared to a year ago, with North America up 8%, Europe up 5% and China down 5%.

Cash and cash equivalents at year-end was $1.1 billion and total liquidity was $3.1 billion.

For the full year 2023, the company expects net sales in a range of $21.20 billion - $22.20 billion. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.