Lear Beats Estimates, but Production Cuts Hamper Bottom Line

Earnings Scorecard
Actual	Estimated*	Year-Ago
$1.35	$1.32	$1.36

Lear (LEA Quote) reported fourth-quarter earnings that topped expectations, but fell slightly from a year ago, as lower production levels in the automaking industry and weak European currencies shackled the bottom line.

For the fourth-quarter ended Dec. 31, Lear earned $1.35 a share, down from $1.36 a share in the year-ago period. Twenty analysts polled by First Call/Thomson Financial expected the company to report earnings of $1.32 a share.

The automotive products supplier, which is based in Southfield, Mich., also posted fourth-quarter revenue of $3.36 billion, down 3% from $3.46 billion in the same quarter one year ago.

Shares of Lear fell 48 cents, or 1.7%, to $28.61 in recent New York Stock Exchange trading.