Lear Q3 Adj. EPS, Sales Top View; Cuts FY19 Forecast - Quick Facts

(RTTNews) - Automotive technology firm Lear Corp. (LEA), while announcing weak profit and sales in its third quarter, trimmed its forecast for fiscal 2019, mainly citing the estimated impact of a labor strike at Lear's largest customer.

For the year 2019, the company now expects net sales in a range of $19 billion to $19.5 billion, compared to previous outlook of $19.8 billion to $20.3 billion.

On average, 18 analysts polled by Thomson Reuters expect sales of $19.85 billion for the year. Analysts' estimates typically exclude special items.

Core operating earnings for the year is projected to be $1.20 billion to $1.30 billion, lower than previous estimate of $1.35 billion to $1.45 billion. Adjusted EBITDA would now be between $1.72 billion and $1.82 billion, while previous forecast was between $1.87 billion and $1.97 billion.

In its third quarter, net income declined to $215.9 million from $252.5 million last year. Earnings per share fell to $3.58 from $3.80 a year ago.

Adjusted net income was $217.2 million, compared to $269.4 million a year ago. Adjusted earnings per share were $3.54, compared to $4.09 last year.

Sales declined to $4.83 billion from prior year's $4.89 billion.

Analysts expected earnings of $3.14 per share on sales of $4.76 billion.