Lear Corp. logs 11% drop in Q4 adjusted net income

Article by Anita Panait, on February 3, 2014

Lear Corp. logged an 11-percent drop in adjusted net income in the fourth quarter of 2013 to $128.8 million, the supplier said in a statement. The year-earlier figure of $144.6 million does not include a $767 million onetime tax gain in the United States. Lear posted a 14-percent leap in revenues to $4.26 billion in the fourth quarter from $3.72 billion in the same period in 2012.

Analysts on average had expected Lear to have $4.05 billion in revenues, according to Thomson Reuters I/B/E/S. Lear’s adjusted earnings of $1.55 per share failed to meet analysts' expectations by 4 cents. However, a large share buy-back program that trimmed Lear's outstanding shares allowed the supplier to improve its quarterly earnings per share from $1.48 in the same quarter in 2012.

d2.googlesyndication.com/pagead/show_ads.js">

For the full year 2013, Lear posted an adjusted net income of $510 million, down from $548 million in 2012. But on a per-share basis, net income grew to $5.90 from $5.49. Lear said it generated $16.2 billion in revenue for the year, up from $14.6 billion in 2012. According to Lear, it posted sales growth in all of its regions around the world.

The company benefited from: 5-percent surge in North American auto production to 16.8 million units; 8-percent climb in Chinese output; and 2-percent growth in Europe and Africa. North American and global vehicle production surged 5 percent and 6 percent in the fourth quarter, respectively. For 2014, Lear is expecting sales of between $16.9 billion and $17.4 billion while analysts on average are seeing revenues of $17.08 billion.

Topics: lear, income

If you liked the article, share on:

Comments

Recommended

Not a few agree that the Volkswagen Polo news a styling overhaul. While this supermini still looks good as it is now, the latest facelift was around three years. With...
by - April 27, 2017
They say that when the going gets tough, the tough get going. That’s what Harvey Payne did with his Chevrolet Bolt. Ever since he bought it, it had been experiencing...
by - April 27, 2017
What defines a coupe? Well, according to the dictionary, “it is a car with a fixed roof and two doors”. Ok, now that it is clear, when does one not...
by - April 27, 2017
Back in 2013 was when the first hot hatch was released, that was the original A45 by Mercedes-AMG, carrying a hand-built 2.0 liter M133 turbo mill. It was then then...
by - April 27, 2017
BMW dealers have a problem, a good problem. The demand for the 2017 BMW 5 Series is very high, they cannot attend to all the customers. But actually, supplies are...
by - April 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries