Lear Corporation (LEA) Releases Earnings Results, Beats Expectations By $0.34 EPS

Lear Corporation (LEA) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $3.66 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.34. Analysts had a consensus of $3.32. The company posted revenue of $4724.80 million in the period, compared to analysts expectations of $4860.36 million. The company’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.82 EPS.

Many Wall Street Analysts have commented on Lear Corporation. Lear Corporation was Downgraded by BofA/Merrill to ” Neutral” on Jun 21, 2016.

Lear Corporation closed down -6.38 points or -5.48% at $110.06 with 23,87,883 shares getting traded on Thursday. Post opening the session at $103.37, the shares hit an intraday low of $103.37 and an intraday high of $111.22 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

In a different news, on Jun 29, 2016, Conrad L Jr Mallett (director) sold 100 shares at $100.99 per share price. According to the SEC, on Jun 7, 2016, Jay K. Kunkel (President, Asia Pacific Ops) sold 653 shares at $116.32 per share price. On May 23, 2016, Greg C Smith (director) sold 1,000 shares at $113.95 per share price, according to the Form-4 filing with the securities and exchange commission.

Lear Corporation is engaged in providing automotive seat systems and individual seat component parts. The Company has two segments: seating and electrical. The Company seating segment consists of the design development engineering assembly and delivery of complete seat systems. The Company is also involved in the design development engineering and manufacture of all seat components including seat structures and mechanisms seat covers and surface materials such as fabric and leather seat foam and headrests. The Company’s electrical segment consists of the design development engineering manufacture assembly and supply of electrical distribution systems and components for light vehicles. The Company has manufacturing engineering and administrative capabilities in about 34 countries with 219 locations. The Company also manufactures junction boxes and electronic control modules which are connected to the wire harness assemblies.

Lear Corporation

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