Lear posts 6% rise in profit, lifts forecast for year
DETROIT -- Auto parts supplier Lear Corp. posted a 6 percent increase in quarterly net profit and raised its full-year forecast as it expects vehicle production to continue rising.
Lear, which makes seating and electrical power management systems, expects 2011 sales of $13.8 billion-$14.1 billion and adjusted earnings of $5.05 to $5.35 a share. It had forecast revenue of $13.4 billion to $13.8 billion and per-share adjusted earnings of $4.95 to $5.30.
The supplier also said it expects industry vehicle production of 12.9 million units in North America this year, up 2 percent from its prior outlook, and 18.1 million units in Europe, up 1 percent from earlier estimates.
The company's third-quarter net income rose to $100.7 million, or 95 cents a share, from $95.3 million, or 85 cents, a year earlier. Quarterly sales jumped 23 percent to $3.46 billion.
Lear ranks No. 14 on the Automotive News Europe list of the top 100 global suppliers with worldwide sales to automakers of $11.96 billion in 2010. Europe accounted for 42 percent of that total.
Source: ReutersContact Automotive News