Lear Corp. (NYSE: LEA) reported Q1 EPS of $3.40, $0.63 better than the analyst estimate of $2.77. Revenue for the quarter came in at $4.7 billion versus the consensus estimate of $4.69 billion.

GUIDANCE:

Lear Corp. sees FY2016 revenue of $18.5-19 billion, versus the consensus of $19.04 billion. Core operating earnings are expected to be in the range of $1.40 billion to $1.45 billion, up $50 million from the prior range of $1.35 billion to $1.40 billion. Free cash flow is expected to be approximately $850 million, up $50 million from the prior outlook.

"Our strong results reflect the investments we have made to expand our product capabilities and improve our cost structure. These investments have positioned Lear extremely well to take advantage of major industry trends," said Matt Simoncini, Lear's president and chief executive officer.

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