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Lear’s First-Quarter Income Jumps 69%
Lear Corp.’s first-quarter revenue rose 8% to $4.7 billion, and net income zoomed to $248 million from $147 million in the same period last year.
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Lear Corp.’s first-quarter revenue rose 8% to $4.7 billion, and net income zoomed to $248 million from $147 million in the same period last year. Pretax earnings jumped to $344 million from $206 million.
Sales by the company's automotive seating business grew 3% to $3.6 billion, adjusted for foreign exchange. Revenue from the electrical division advanced 2% to an adjusted $1.1 billion.
Lear reiterates its full-year sales forecast of $18.5 billion-$19 billion. But the company has increased its core operating earnings estimate by $50 million to at least $1.4 billion. The supplier now expects adjusted income for 2016 of $900 million-$940 million, up $5 million from its previous guidance.
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