Lear Corp. (LEA) Misses Q3 EPS by 16c, Revenues Miss; Lowers FY18 Revenue Outlook

Lear Corp. (NYSE: LEA) reported Q3 EPS of $4.09, $0.16 worse than the analyst estimate of $4.25. Revenue for the quarter came in at $4.9 billion versus the consensus estimate of $5.15 billion.

• Sales of $4.9 billion, compared to $5.0 billion in third quarter 2017
• Net income of $253 million and adjusted net income of $269 million, compared to $295 million and $272 million, respectively, in third quarter 2017
• Core operating earnings of $399 million, down 2% from third quarter 2017
• Core operating margin of 8.2%, flat from third quarter 2017
• Earnings per share of $3.80 and adjusted earnings per share of $4.09, up 3% from third quarter 2017
• Full year 2018 financial outlook updated to reflect current production and foreign exchange environment

"We again delivered strong sales and earnings results in the third quarter in the face of challenging macroeconomic conditions marked by significant volume declines, particularly in China and Europe, as well as foreign exchange volatility," said Ray Scott, Lear\'s president and chief executive officer. "We have continued to demonstrate our strong execution capabilities, and we remain excited about the opportunities that lie ahead. We will continue to focus on investing in profitable growth, further improving operational efficiencies and delivering superior value for our shareholders."

GUIDANCE:

Lear Corp. sees FY2018 revenue of $21-21.2 billion, versus the consensus of $2.77 billion.

For earnings history and earnings-related data on Lear Corp. (LEA) click here.

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