Car interior giant
said third-quarter earnings jumped 21% on a 5% sales increase, as revenue gains from currency translation helped make up for declining automotive production in the U.S.
The company earned $76.1 million, or $1.10 a share, on sales of $3.5 billion in the latest third quarter, compared with earnings of $61.6 million, or 91 cents a share, on sales of $3.3 billion a year ago.
For the fourth quarter, Lear expects to earn $1.75 to $1.85 a share on sales of $4 billion.
On average, analysts had been expecting Lear to earn $1.03 a share on revenue of $3.4 billion in the third quarter and earn $1.90 a share on revenue of $3.8 billion. While the revenue beats are real, Lear noted that certain implementation costs got shifted out of the third quarter into the fourth, affecting the comparability of the consensus earnings estimates.
The third-quarter earnings improvement was driven by productivity enhancements, new global business, lower interest costs and a lower tax rate, Lear said.
Lear closed Thursday at $63.12.