SOUTHFIELD, Mich. - Automotive technology company Lear Corporation (NYSE: NYSE:LEA) reported strong third quarter results on Thursday, beating revenue and earnings expectations. Shares were trading flat following the announcement.
Lear posted revenue of $5.6 billion for the quarter, surpassing analyst estimates of $5.55 billion. Adjusted earnings per share came in at $2.89, beating the consensus forecast of $2.61.
The company's revenue declined 3% year-over-year, which Lear attributed to lower production on key platforms, partially offset by new business wins in both its Seating and E-Systems segments.
"In the third quarter, Lear generated revenue that outperformed the industry by 3 percentage points globally, with outgrowth in both Seating and E-Systems," said Ray Scott, Lear's President and CEO.
Lear's core operating earnings were $257 million or 4.6% of sales, compared to $267 million or 4.6% of sales in the same quarter last year. The company said earnings were impacted by lower production volumes but benefited from positive operating performance and new business additions.
For the full year 2024, Lear now expects revenue between $22.95 billion and $23.15 billion, below the previous analyst consensus of $23.29 billion.
The company highlighted several new business wins during the quarter, including awards with BYD (SZ:002594), Xiaomi (OTC:XIACF) and Seres in its Seating segment and with Dongfeng Group in E-Systems. Lear also launched its first ComfortFlex module combining heat, ventilation and massage with Volvo (OTC:VLVLY).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.