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Lear Profit Soars on Tax Benefit
Lear Corp. netted $882 million in the fourth quarter of last year compared with $107 million in the same period of 2011.
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Lear Corp. netted $882 million in the fourth quarter of last year compared with $107 million in the same period of 2011. Earnings were buoyed by a $739 million one-time tax benefit.
Quarterly revenue rose 2% year over year to $3.7 billion. Lear attributes the increase to stronger sales in China (+13%) and North America (+14%), which were partly offset by slumping demand in Europe (-9%).
For the full year, net income jumped to $1.3 billion from $541 million in 2011. Revenue increased 3% to 14.6 billion. Sales grew 1% to $11 billion at the company's seating business and 10% to a record $3.5 billion at its energy management systems unit.
Lear ended the year with $1.4 billion in cash and $626 million in debt.
The company confirms its 2013 sales forecast for revenue of $15 billion to $15.5 billion.
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