Lear Corp (LEA) Tops Q3 EPS by 4c; Raises Operating Earnings Outlook
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Lear Corp (NYSE: LEA) reported Q3 EPS of $1.93, $0.04 better than the analyst estimate of $1.89. Revenue for the quarter came in at $4.2 billion versus the consensus estimate of $4.28 billion.
Lear said FY2014 core operating earnings are now expected to be in the range of $1,010 to $1,040 million, up from the prior range of $975 to $1,025 million. Lear Corp sees FY2014 revenue of $17.7 billion, versus the consensus of $17.7 billion.
"We had our best third quarter ever," said Matt Simoncini, Lear's president and chief executive officer. "Sales grew faster than industry production, and we improved our margins in both business segments on a year-over-year basis. The investments that we have been making to improve our cost structure, increase our component capabilities, and grow and strengthen both our business segments are paying off. We are continuing to win new business in both segments and in every region of the world. As we gain market share, we remain focused on operational excellence and continuous improvement to sustain our success."
For earnings history and earnings-related data on Lear Corp (LEA) click here.
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