Lear Corp. posted a 6 percent increase in profit for the second quarter due to the addition of new business in both of its product segments and the addition of Grupo Antolin’s seating business last year.
The auto seating and electronics supplier, of Southfield, Mich., reported net income of $331.4 million on revenue of $5.58 billion. That’s compared with net income of $311.9 million on revenue of $5.12 billion in the same quarter last year, the supplier said Thursday.
Adjusted net income rose to $330.2 million from $304.9 million last year. Thursday’s report is only the second for the supplier under new CEO Ray Scott.
Lear surpassed analyst estimates with a record adjusted earnings per share of $4.95, up 13 percent from $4.39 per share a year ago. According to Zacks Investment Research, analysts expected $4.91 per share.
Lear acquired the Grupo Antolin business in April 2017 for 286 million euros ($333 million at current exchange rates). At the time, Grupo Antolin’s seating business generated about 300 million euros ($349 million at current rates) in sales, the company said. Lear also said its results in the recent quarter were boosted by taking control of “certain affiliates.”
Seating sales rose 6 percent to $4.27 billion from $4.03 billion, while Lear’s E-Systems business, which focuses on connected-vehicle electronics, surged 19 percent to $1.31 billion.
Core operating margins increased 7 percent to $471 million from a year ago.
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