Lear Corp. Reports Loss In Q3 Hurt By Lower Sales

(RTTNews) - Lear Corporation (LEA), that makes automotive seating and automotive electrical systems, on Tuesday reported net loss in the third quarter compared with net earnings in the year-ago quarter, impacted by lower global vehicle production.

The company reported net loss of $27 million or $0.44 per share in the third quarter compared with net earnings of $174 million or $2.89 per share in the same quarter a year ago.

Excluding items, Lear reported profit of $32 million or $0.53 per share, that missed the average estimate of seventeen analysts polled by Thomson Reuters at $0.62 per share. Analysts' estimate typically exclude special items.

Sales for the quarter decreased 13% to $4.3 billion, compared to $4.9 billion in the third quarter of last year as vehicle productions were significantly impacted by semiconductor shortages. The consensus estimate was for $4.32 billion.

Looking forward to the full-year, the company sees net sales in the range of $18.8 billion - $19.2 billion The consensus estimate stands t $19.36 billion.