UPDATE: Lear Corp. (LEA) Tops Q4 EPS by 40c, Revenues Beat; Offers FY20 Revenue Outlook Above Consensus

(Updated - January 28, 2020 6:05 AM EST)

Lear Corp. (NYSE: LEA) reported Q4 EPS of $2.64, $0.40 better than the analyst estimate of $2.24. Revenue for the quarter came in at $4.8 billion versus the consensus estimate of $4.5 billion.

Fourth Quarter 2019

• Sales of $4.8 billion, compared to $4.9 billion in the fourth quarter of 2018
• Net income of $126 million and adjusted net income of $161 million, compared to $212 million and $261 million, respectively, in the prior year
• Core operating earnings of $241 million, compared to $389 million in the fourth quarter of 2018
• Earnings per share of $2.50 and adjusted earnings per share of $2.64, compared to $3.39 and $4.05, respectively, in the fourth quarter of 2018
• Net cash provided by operating activities of $485 million and free cash flow of $291 million

"Lear delivered solid financial results in 2019, considering the challenging macroeconomic and industry environment. Our financial results were affected by a 6% decline in industry production, an extended labor strike at our largest customer, and the weakening of global currencies against the U.S. dollar," said Ray Scott, Lear\'s President and Chief Executive Officer. "During 2019, we launched over $1 billion in new business, maintained our focus on operational excellence, and improved efficiencies. Though the environment remains challenging, we are confident in our ability to deliver profitable growth, generate strong cash flow, and increase long-term shareholder value."

GUIDANCE:

Lear Corp. sees FY2020 revenue of $19.4-20.2 billion, versus the consensus of $19.93 billion.

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

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