Lear Corp. Revises Down FY22 Sales Outlook

Lear Corporation (LEA), an automotive technology company, on Tuesday revised down its sales guidance for the fiscal 2022, amidst industry disruptions related to the Ukraine crisis and Covid-19 in China, semiconductor and component shortages, and rising commodity costs.

For the year 2022, the company expects its net sales to be in the range of $20.4 billion - $21.2 billion as against its previous outlook of $20.8 billion - $22.3 billion.

For the full year, analysts, on average, now expect the company to report sales of $21.49 billion.

The technology firm also expects its core operating earnings for the full year to be in the range of $765 million - $965 million, whereas adjusted EBITDA is projected to be in the range of $1.365 billion - $1.565 billion.

For the first quarter, Lear reported a decline in profit amidst lower sales due to reduced production on key Lear platforms and higher commodity costs.

For the quarter ended in March, the company reported a net income of $49.4 million or $0.82 per share, compared with $203.7 million or $3.36 per share, reported for the same period a year ago.

For the three-month period to March, net sales of the company were decreased to $5.208 billion from $5.354 billion, reported for the first quarter of 2021.

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