Lear raised its full-year forecast due to surge in demand

Article by Christian A., on October 26, 2013

Because of rising vehicle sales in the U.S., Lear Corp raised its full-year forecast as there was a surge in demand for its auto seats and electric power systems. Lear posted an 11% climb in quarterly revenue. As a result, its shares widened by 2% in premarket trading. Amid the uncertainty in the economy, automakers are on pace to post some of their highest sales in 2014.

Lear raised its full-year sales forecast to $16.0 billion from $15.8 billion and brought up its target for core operating earnings to $835 million from $750 million to $800 million. Thomson Reuters I/B/E/S said that on average, analysts expected a full-year revenue of $15.89 billion. In Lear’s larger seating business, sales increased by 9% to $2.89 billion in the third quarter ended Sept. 28.

Meanwhile, its total revenue grew by 11% to $3.92 billion. The net income attributable to Lear decreased to $112.8 million in the quarter from $121.4 million the previous year. On the other hand, earnings increased to $1.38 per share from $1.23 as Lear bought back shares in the past 12 months. Lear reported that stock was up at $77.55 before the bell, after having posted a 62% gain this year to Thursday close, doing better than the S&P 500 index.

Topics: lear

If you liked the article, share on:

Pin It

Comments

Recommended

The German automaker Volkswagen is now racing against time to come up with electric vehicles that will be able to pass Europe and China's stringent emission standard. The car company...
by - March 22, 2017
In the last few years, the advent of compact sedans and crossovers has become quite overwhelming. Even two of the major manufacturers that “started it all” have to admit that...
by - March 22, 2017
By 2020, Audi will be throwing out not just one but three fully-electric vehicles. One of which will be pitted against the BMW i8. This new information was revealed by...
by - March 22, 2017
Tesla confirms that they will be discontinuing the fairly new Model S 60 and 60D sedans as soon as next month. Why, you ask? The company wants to make enough...
by - March 22, 2017
Have you ever wondered how much luxury car companies profit from every vehicle they sell? And which companies profit more? Well, in 2016, Porsche sold over 238,000 vehicles. That is...
by - March 22, 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