Lear (LEA) Lags Q2 Earnings & Revenue Estimates, Down Y/Y
Zacks Investment Research | Jul 29, 2019 08:53AM ET
Lear Corporation (NYSE:LEA) reported second-quarter 2019 adjusted earnings per share of $3.78, down from $4.95 recorded in the prior-year quarter. Also, the bottom line missed the Zacks Consensus Estimate of $3.82. At the end of second-quarter 2019, adjusted net income was $236 million compared with $330 million in the prior-year quarter.
During the reported quarter, revenues declined 10% year over year to $5 billion. Also, the Zacks Consensus Estimate was pegged at $5.03 billion. The downside was caused by lower production on key Lear platforms, which were partly offset by the addition of new business.
Moreover, the company’s core operating earnings declined to $352 million from $471 million in second-quarter 2018.
Segment Performances
In the reported quarter, margins and adjusted margins in the Seating segment were 7.4% and 8.2% of sales, respectively.
In the E-Systems segment, margins and adjusted margins were 7.3% and 8% of sales, respectively.
Lear Corporation Price, Consensus and EPS Surprise
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