saw its first-quarter profits increase on flat revenue, beating analyst estimates by 10 cents per share due to a recovering economy.
The automotive interior designer said its net income was $46.4 million, or 70 cents a share, up from results of $34.3 million, or 53 cents a share, in the year-ago period. Analysts polled by Thomson Financial/First Call were expecting 60 cents a share.
Revenue for the quarter stayed flat with last year at $3.5 billion, reflecting higher North America production offset by lower Western Europe and South America production.
Lear said it sees overall economic conditions and vehicle production improving in North America, and the company issued second-quarter and full-year guidance roughly in line with analyst estimates. The company now sees second-quarter EPS of $1.05 to $1.15 and full-year EPS of $3.80 to $4.20, compared with First Call estimates of $1.12 and $4.00, respectively.
Shares of Lear closed at $49.10 Friday before the announcement.