Lear Q2 Profit Jumps On Revenue Growth

(RTTNews) - Automotive seating and electrical systems major Lear Corporation (LEA) Tuesday reported a profit of $168.7 million or $2.84 per share for the second quarter, a significant increase from $68.5 million or $1.14 per share in the same quarter a year ago, driven by revenue growth.

Excluding one-time items, earnings were $197.9 million or $3.33 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $3.21 per share. Analysts' estimate typically exclude special items.

Revenue for the quarter increased 18% to about $6 billion from $5.07 billion last year, reflecting increased production on key Lear platforms and the addition of new business in both the business segments. The consensus estimate was for $5.86 billion.

Looking forward, the company sees sales for the full year in the range of $22.35 billion-$23.05 billion.

Analysts expect sales of $22.81 billion for the year.