Lear Q1 Profit Rises, Adj. Earnings Beat Estimates; Lifts FY View - Quick Facts

(RTTNews) - Automotive seating and electrical distribution systems maker Lear Corp. (LEA) Friday reported first-quarter net income attributable to the company of $122.0 million or $1.47 per share, up from $108.5 million or $1.13 per share in the prior year.

Adjusted earnings were $1.84 per share, while the company posted $1.30 per share last year.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $1.70 per share for the quarter. Analysts' estimates typically exclude special items.

Core operating earnings were $243 million, up 21% from last year.

Net sales for the quarter climbed 10% to $4.36 billion from $3.95 billion a year ago. Analysts estimated revenues of $4.28 billion for the quarter.

Lear increased its full year 2014 financial outlook for sales, core operating earnings and free cash flow.

For the year 2014, the company now expects core operating earnings to be in the range of $935 to $985 million, up $25 million from the previous guidance. Adjusted net income attributable to Lear is expected to be in the range of $580 to $615 million. . Sales are now anticipated to be in the range of $17.2 to $17.7 billion, up $300 million from the prior outlook. Analysts are looking for sales of $17.32 billion for the year.