logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Integrated energy company Chevron reported Friday that profit for the fourth quarter increased 25 percent from last year, reflecting 17 percent revenue growth amid higher realizations and higher margins on refined product sales. Adjusted earnings per share missed analysts' estimates, while quarterly revenues topped it. Reno, Nevada-based ZLINE Kitchen and Bath has expanded its recall of gas ranges citing serious risk of injury or death from carbon monoxide poisoning, the U.S. Consumer Product Safety Commission announced. The recall now includes about 30,000 units of ZLINE gas ranges, including about 28,000 units... The Food and Drug Administration's independent advisory committee unanimously recommended replacing the current original COVID vaccines used in the U.S. for primary shots with new bivalent omicron shots authorized as boosters, reports said. The committee also considered the proposal for annual COVID vaccination, however, didn't vote on it.
RELATED NEWS
Follow RTT