Lear Corp. (LEA) Tops Q1 EPS by 14c, Lifts Outlook

Lear Corp. (NYSE: LEA) reported Q1 EPS of $1.84, $0.14 better than the analyst estimate of $1.70. Revenue for the quarter came in at $4.4 billion versus the consensus estimate of $4.28 billion.

Lear Corp. sees FY2014 revenue of $17.2-17.7 billion, up $300 million from the prior outlook, versus the consensus of $17.32 billion.

In the first quarter, global vehicle production increased 5% from a year ago, reflecting production increases in each of the three largest automotive markets in the world. Production was up 11% in China, 7% in Europe & Africa and 6% in North America. Production was down 8% in South America.

"In the first quarter, we continued our positive sales and earnings momentum," said Matt Simoncini, Lear's president and chief executive officer. "With a strong start to 2014, we are on track to deliver our fifth consecutive year of higher sales and earnings per share. Our strong financial results reflect the investments that we have made to strengthen our product offerings, improve our cost structure and grow our business. Consistent with our strategy, we plan to continue to invest in value-creation opportunities in our core Seating and Electrical businesses, while maintaining a strong and flexible financial position."

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

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