Lear Corp. Q4 Earnings Plunge, But Beat Estimates

(RTTNews) - Lear Corporation (LEA) on Tuesday reported net income of $21.5 million or $0.36 per share in the fourth quarter, significantly lower than $201.6 million or $3.33 per share in the same quarter a year ago. The results reflected decline in vehicle production due to the worldwide semiconductor shortage . However, earnings surpassed the Street estimates.

Excluding one-time items, earnings were $73.6 million or $1.22 per share. This compares with the average estimate of analysts polled by Thomson Reuters at $1.1 per share. Analysts' estimates typically exclude special items.

Sales for the quarter declined 7% to $4.879 billion from $5.243 billion last year, impacted by decrease in global vehicle production due to semiconductor shortage. The consensus estimate was for $4.72 billion.

Looking forward to 2022, the company expects net sales to be in the range of $20.8 billion-$22.3 billion. Analysts' expectation for sales stands at $23.33 billion.