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Lear Raises Outlook After Quarterly Sales Gain
Lear Corp.'s revenue advanced 12% to $4.1 billion in the second quarter of 2013 compared to a year earlier.
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Lear Corp.'s revenue advanced 12% to $4.1 billion in the second quarter of 2013 compared to a year earlier.
The company credits the increase to new business and higher production of key vehicle programs. The gain prompted Lear to hike its sales forecast for 2013 to $15.8 billion from a previous range of $15 billion to $15.5 billion.
The company also boosted its full-year estimate for adjusted operating income by $25 million to between $750 million and $800 million. Such earnings climbed 13% to $224 million in the April-June period of this year.
However, Lear's second-quarter net profit dropped 6% to $137 million in that period because of higher costs.
Quarterly revenue at the company's seating business grew 10% to $3.1 billion. But Lear says the cost of model changeovers caused the unit's adjusted operating profit to slide 4% to $178 million.
Revenue jumped 20% to a record $1 billion at the company's electrical components group. Adjusted operating earnings surged 72% year over year to a record $101 million.
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