Lear Q4 Results Top Estimates - Quick Facts

(RTTNews) - Lear Corp. (LEA) reported that its fourth-quarter net income attributable to the company rose to $201.6 million or $3.33 per share from $126.0 million or $2.50 per share in the previous year.

Adjusted earnings per share were $3.66, up from $2.64 per share in 2019, primarily reflecting higher operating earnings. Analysts polled by Thomson Reuters expected the company to report earnings of $3.47 per share for the quarter. Analysts' estimates typically exclude special items.

Sales in the fourth quarter increased 9% year over year to $5.2 billion. Excluding the impact of foreign exchange and acquisitions, sales were up 6%, primarily reflecting the addition of new business. Sales growth over market in the fourth quarter was 8 percentage points, driven primarily by the impact of new business in both segments. Analysts expected revenue of $5.01 billion for the quarter.

Looking ahead for fiscal year 2021, the company expects core operating earnings to be $1.13 billion - $1.30 billion, net sales of $19.8 billion- $20.8 billion. Analysts expect revenue of $20.22 billion for fiscal year 2021.