Lear Guides FY20 Sales Above Estimates - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Tuesday, automotive technology firm Lear Corp. (LEA) initiated its financial outlook for the full-year 2020.

For fiscal 2020, the company now projects net sales in a range of $19.4 billion to $20.2 billion, core operating earnings in a range of $1.21 billion to $1.34 billion and adjusted net income in a range of $780 million to $880 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $14.97 per share on sales of $19.93 billion for the year. Analysts' estimates typically exclude special items.

The company also said the consolidated 2020-2022 three-year backlog is $2.7 billion and will drive continued global revenue growth and sales diversification. E-Systems represents approximately 33 percent of the backlog, reflecting market share gains as well as accelerating growth aligned with emerging industry trends, especially vehicle electrification and connectivity.

"Though the environment remains challenging, we are confident in our ability to deliver profitable growth, generate strong cash flow, and increase long-term shareholder value," said Ray Scott, Lear's President and Chief Executive Officer.