SOUTHFIELD, Mich. (AP) _ Lear Corp. (LEA) on Friday reported first-quarter net income of $203.7 million.
The Southfield, Michigan-based company said it had profit of $3.36 per share. Earnings, adjusted for one-time gains and costs, were $3.73 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.94 per share.
The automotive seating and electrical distribution systems company posted revenue of $5.35 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $4.89 billion.
Lear expects full-year revenue in the range of $20.35 billion to $21.15 billion.
Lear shares have climbed 21% since the beginning of the year. The stock has more than doubled in the last 12 months.
