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Lear Hikes Outlook After Record Quarter
Lear Corp. has boosted its earnings guidance for 2016 after reporting its net earnings in the third quarter jumped 18% to a record $214 million.
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Lear Corp. has boosted its earnings guidance for 2016 after reporting its net earnings in the third quarter jumped 18% to a record $214 million. Sales rose 5% to $4.5 billion.
The company says quarterly revenue generated by its automotive seating business climbed 5% to $3.5 billion. Sales of wiring and wireless connectivity products by its E-Systems grew 4% to $1 billion.
Lear now predicts its full-year earnings will be slightly greater than $1.5 billion, up from previous guidance of $1.45 billion-$1.5 billion. The company also expects free cash flow of about $1 billion, 11% greater than its earlier estimate.
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