Lear Corp. Reports Loss In Q3 Hurt By Lower Sales

Lear Corporation (LEA), that makes automotive seating and automotive electrical systems, on Tuesday reported net loss in the third quarter compared with net earnings in the year-ago quarter, impacted by lower global vehicle production.

The company reported net loss of $27 million or $0.44 per share in the third quarter compared with net earnings of $174 million or $2.89 per share in the same quarter a year ago.

Excluding items, Lear reported profit of $32 million or $0.53 per share, that missed the average estimate of seventeen analysts polled by Thomson Reuters at $0.62 per share. Analysts' estimate typically exclude special items.

Sales for the quarter decreased 13% to $4.3 billion, compared to $4.9 billion in the third quarter of last year as vehicle productions were significantly impacted by semiconductor shortages. The consensus estimate was for $4.32 billion.

Looking forward to the full-year, the company sees net sales in the range of $18.8 billion - $19.2 billion The consensus estimate stands t $19.36 billion.

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