Lear Corporation Q1 adjusted earnings Miss Estimates
(RTTNews) - Lear Corporation (LEA) revealed a profit for first quarter that dropped from last year.
The company's earnings totaled $228.9 million, or $3.73 per share. This compares with $353.7 million, or $5.16 per share, in last year's first quarter.
Excluding items, Lear Corporation reported adjusted earnings of $252.7 million or $4.00 per share for the period.
Analysts had expected the company to earn $4.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 9.9% to $5.16 billion from $5.73 billion last year.
Lear Corporation earnings at a glance:
-Earnings (Q1): $252.7 Mln. vs. $344.5 Mln. last year. -EPS (Q1): $4.00 vs. $5.10 last year. -Analysts Estimate: $4.11 -Revenue (Q1): $5.16 Bln vs. $5.73 Bln last year.
-Guidance: Full year revenue guidance: $20.9 - $21.7 Bln