Lear Corp. (NYSE: LEA) reported Q1 EPS of $4.00, $0.11 worse than the analyst estimate of $4.11. Revenue for the quarter came in at $5.16 billion versus the consensus estimate of $5.25 billion.

• Sales of $5.2 billion, compared to $5.7 billion in the first quarter 2018
• Net income of $229 million and adjusted net income of $253 million, compared to $354 million and $345 million, respectively, in the prior year
• Core operating earnings of $378 million, compared to $491 million in the first quarter 2018
• Earnings per share of $3.73 and adjusted earnings per share of $4.00, compared to $5.16 and $5.10, respectively, in the prior year
• Acquired Xevo Inc., a leader in connected car software and data-driven user experiences
• Replenished share repurchase authorization to $1.5 billion and increased quarterly dividend by 7% to $0.75 per share
• Won 2019 Automotive News PACE Award for ConfigurE+, a powered, adaptable seat rail system
• Moody's upgraded Lear\'s senior unsecured debt rating to Baa2

"In the first quarter, Lear faced challenging macroeconomic conditions marked by significant declines in industry production. In addition, we experienced planned, yet significant, downtime, as our customers shut down their operations to change over to new models. However, because of Lear's strong execution capabilities, industry-leading cost structure and relentless focus on operational excellence, we were able to deliver solid results," said Ray Scott, Lear's President and Chief Executive Officer. "Our financial and operational strength have allowed us to continue to invest for the future. The recently completed acquisition of Xevo reflects our ongoing commitment to developing capabilities and technologies that are aligned with the key trends reshaping the automotive industry."

GUIDANCE:

Lear Corp. sees FY2019 revenue of $20.9-21.7 billion, versus the consensus of $21.3 billion.

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