DETROIT (REUTERS) -- Automotive supplier Lear Corp. posted a higher quarterly profit and boosted its full-year outlook on the improving global automotive market.
Net income in the third quarter rose to $95.3 million, compared with $24.6 million, in the year-earlier quarter.
Revenue rose to $2.8 billion from $2.5 billion.
Lear, which emerged from bankruptcy in November 2009, also raised its 2010 full-year outlook, citing the improving production environment.
The company now expects sales of about $11.7 billion and core operating earnings in the range of $550 million to $600 million. In August, it had forecast sales of about $11 billion and earnings of $450 million to $500 million.
"Global industry demand continues to improve, but production levels in the mature markets remain significantly below historical levels," Lear CEO Bob Rossiter said in a statement. "In this environment, we are able to achieve improving operating results and positive cash flow because of the significant structural cost reductions we have implemented over the past few years. Going forward, we intend to hold the line on costs and continue to focus on growing our worldwide sales."
During the third quarter, sales in Lear's seating business rose 8 percent to $2.2 billion, reflecting the improvement in global vehicle production and the addition of new business. In the company's electrical power management systems segment, net sales climbed 20 percent to $611.6 million, primarily driven by the addition of new business and improvement in global vehicle production, the company said.
David Phillips contributed to this report