Lear Corporation Q1 Profit Decreases, but beats estimates

Lear Corporation (LEA) released a profit for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $49.4 million, or $0.82 per share. This compares with $203.7 million, or $3.36 per share, in last year's first quarter.

Excluding items, Lear Corporation reported adjusted earnings of $108.1 million or $1.80 per share for the period.

Analysts on average had expected the company to earn $1.57 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 2.7% to $5.208 billion from $5.354 billion last year.

Lear Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $49.4 Mln. vs. $203.7 Mln. last year.
-EPS (Q1): $0.82 vs. $3.36 last year.
-Analyst Estimates: $1.57
-Revenue (Q1): $5.208 Bln vs. $5.354 Bln last year.

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