Lear Corp. Revises Down FY22 Sales Outlook

(RTTNews) - Lear Corporation (LEA), an automotive technology company, on Tuesday revised down its sales guidance for the fiscal 2022, amidst industry disruptions related to the Ukraine crisis and Covid-19 in China, semiconductor and component shortages, and rising commodity costs. For the year 2022, the company expects its net sales to be in the range of $20.4 billion - $21.2 billion as against its previous outlook of $20.8 billion - $22.3 billion.

For the full year, analysts, on average, now expect the company to report sales of $21.49 billion.

The technology firm also expects its core operating earnings for the full year to be in the range of $765 million - $965 million, whereas adjusted EBITDA is projected to be in the range of $1.365 billion - $1.565 billion.

For the first quarter, Lear reported a decline in profit amidst lower sales due to reduced production on key Lear platforms and higher commodity costs.

For the quarter ended in March, the company reported a net income of $49.4 million or $0.82 per share, compared with $203.7 million or $3.36 per share, reported for the same period a year ago.

For the three-month period to March, net sales of the company were decreased to $5.208 billion from $5.354 billion, reported for the first quarter of 2021.