SOUTHFIELD, Mich. (AP) _ Lear Corp. (LEA) on Friday reported second-quarter net income of $175.2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Southfield, Michigan-based company said it had net income of $2.89. Earnings, adjusted for one-time gains and costs, came to $2.45 per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.40 per share.
The automotive seating and electrical distribution systems company posted revenue of $4.76 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $4.8 billion.
Lear expects full-year revenue in the range of $19.7 billion to $20.5 billion.
Lear shares have risen 6.5% since the beginning of the year. The stock has climbed 47% in the last 12 months.
