Automotive technology company Lear Corp. (LEA), while reporting weak third-quarter profit, but in line with market view, on Friday tightened its fiscal 2025 earnings view and raised sales forecast.
For fiscal 2025, the company now expects core operating earnings of $995 million to $1.06 billion, adjusted EBITDA of $1.605 billion to $1.665 billion, and net sales of $22.850 billion to $23.150 billion.
The company previously expected core operating earnings in a range of $955 million to $1.095 billion on net sales between $22.47 billion and $23.07 billion.
The Wall Street analysts on average expect the company to report sales of $22.82 billion. Analysts' estimates typically exclude special items.
In the third quarter, Lear's bottom line totaled $108.2 million or $2.02 per share, compared with $135.8 million or $2.41 per share last year.
Adjusted earnings were $149.8 million or $2.79 per share for the period, compared to $162.8 million or $2.89 per share a year ago. Analysts also had expected the company to earn $2.79 per share.
The company's revenue for the period rose 1.7 percent to $5.679 billion from $5.584 billion last year.
In the third quarter, global vehicle production was up 4 percent compared to a year ago, with 5 percent growth in North America, 1 percent rise in Europe and China growth of 10 percent.
Global vehicle production was up 4 percent on a Lear sales-weighted basis.
In the pre-market activity, Lear shares were trading at $104.25, up 0.68 percent.
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