SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Lear Corp. (LEA) on Friday reported first-quarter profit of $172.3 million.
On a per-share basis, the Southfield, Michigan-based company said it had profit of $3.34. Earnings, adjusted for one-time gains and costs, came to $3.87 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $3.44 per share.
The automotive seating and electrical distribution systems company posted revenue of $5.82 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $5.86 billion.
Lear expects full-year revenue in the range of $23.21 billion to $24.01 billion.
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