Lear gains on 2011 production hikes, sticks with 2012 forecast
DETROIT (Reuters) -- Auto seating and electronic supplier Lear Corp. posted a higher-than-expected quarterly profit helped by increased production and sales in its key businesses, and stood by its 2012 forecast.
For 2012, the company expects net sales of $13.85 billion to $14.35 billion, which, at its midpoint, misses analysts' estimates of $14.56 billion.
Lear expects capital spending of about $425 million for the year.
Sales at its electrical power management systems, grew by 21 percent, primarily driven by increased production, while in the seating segment, it rose 8 percent.
For the October-December quarter, Lear's net income fell to $106.5 million, or $1.03 a share, from $117.1 million, or $1.08 a share, last year.
Sales rose 11 percent to $3.51 billion, while analysts on average had expected sales of $3.48 billion, according to Thomson Reuters.
Excluding special items, it earned $1.26 a share, topping analysts' estimates of $1.18 a share.
For Lear's full report, click here.Contact Automotive News