Lear Turns To Profit In Q2, Misses Estimates; Cuts FY21 Forecast - Quick Facts

(RTTNews) - Lear Corp. (LEA), an automotive technology provider in Seating and E-Systems, reported Friday that its second-quarter net income was $175 million, compared to last year's loss of $294 million. Earnings per share were $2.89, compared to loss of $4.89 a year ago.

Adjusted net income was $148 million or $2.45 per share, compared to loss of $249 million or $4.14 per share last year.

Sales increased 95% to $4.76 billion from prior year's $2.44 billion, reflecting total company growth over market of 11 percentage points.

On average, analysts polled by Thomson Reuters expected earnings of $2.68 per share on sales of $4.91 billion. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2021, the company now expects core operating earnings between $920 million and $1.11 billion, adjusted EBITDA between $1.48 billion and $1.67 billion, and net sales of $19.70 billion to $20.50 billion.

The company previously expected core operating earnings between $1.14 billion and $1.31 billion, adjusted EBITDA between $1.70 billion and $1.87 billion, and net sales of $20.35 billion to $21.15 billion.

Analysts estimate full-year sales of $20.72 billion.