Lear Posts Q3 Earnings Above Street Estimates
Lear Corp (NYSE: LEA) reported third-quarter FY22 sales growth of 23% year-on-year to $5.24 billion, beating the consensus of $5.17 billion.
Global vehicle production increased 29% Y/Y, with North America rising 24%, Europe gaining 20%, and China climbing 35%.
Net sales from North America rose 27.7% Y/Y, Europe and Africa grew 19.2%, Asia increased 18.8%, and South America rose 22.8%.
Selling, general and administrative expenses remained flat at about $163.9 million.
Core operating earnings were $235 million, compared to $98 million in the third quarter of 2021.
Lear held $842.2 million in cash and equivalents as of October 1, 2022. Net cash provided by operating activities in Q3 amounted to $252 million with a free cash flow of $112 million.
Adjusted EPS of $2.33 beat the analyst consensus of $2.20.
In Q3, Lear repurchased 187,192 shares for a total of $25.0 million.
Outlook, unchanged: Lear sees FY22 sales of $20.55 billion - $21.05 billion, against the consensus of $20.71 billion.
It sees FY22 adjusted EBITDA of $1.405 billion - $1.505 billion.
Price Action: LEA shares traded lower by 1.23% at $137.00 on the last check Tuesday.
Photo Via Company
See more from Benzinga
Dogecoin Sees Sharp 11% Rise Following Elon Musk's Twitter Post - Dogecoin (DOGE/USD)
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.