Lear Corp. Reports Q4 Results (LEA)
Lear Corp. (NYSE: LEA) today reported improved fourth-quarter and full-year 2012 financial results. The company also re-affirmed its outlook for 2013.
Key Points
- Fourth-quarter net sales rise 6%
- Core operating margins improve in the fourth quarter
- Adjusted earnings rise 17% in the quarter
Matt Simoncini, President and CEO of Lear, said that the company reported strong financial results in the fourth quarter with year-over-year improvements in sales, earnings and cash flow. Simoncini further said that for the full year, the company achieved its third consecutive year of higher sales and earnings per share.
Lear’s net sales for the fourth quarter of 2012 rose 6% to $3.6 billion. The company’s net sales in the Seating segment rose 3% to $2.8 billion. The increase in the Seating segment was mainly due to the acquisition of Guilford and the addition of new business, partially offset by negative impact of exchange rate fluctuations and lower production on key platforms. The company’s net sales in the Electrical Power Management Systems segment rose 14% to a record $959 million.
Net income for the fourth quarter of 2012 was $882 million, or $9 per share, compared to $107 million, or $1.03 per share reported for the same period in the previous year. The significant increase in net income was mainly due to tax benefits of $767 million in the fourth quarter of 2012. Excluding one-time items, the company’s earnings for the quarter were $1.48 per share, up from $1.26 per share reported in the fourth quarter of 2011.
For full year 2012, Lear reported net sales of $14.6 billion, compared to $14.2 billion reported in 2011.
For 2013, Lear expects net sales to be between $15 billion and $15.5 billion, and core operating earnings to be between $725 million and $775 million.
About Lear Corp.
Based in Southfield, Michigan, Lear Corp. is one of the leading suppliers of automotive seating and electric power management systems.
More Posts by this author
- Economic Outlook Continues to Improve but Sequester Can Spoil the Party
- Chevron Q4 Earnings Edge Past Street’s Estimate as Refining Business Flourishes (CVX)
- Gold Prices Settle Higher, Logs weekly Gains but Outlook Bearish
- Market Update After Hours February 1
- Stocks Rally on Economic Data; End Higher for the Week
- Gold Prices Settle Higher; Silver Prices Rise Sharply
- Stocks Headed for a Sharply Higher Finish; Dow Jones Above 14,000
 |
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
|
