Lear (LEA) Surpasses Earnings Estimates In Q4, Stock Rallies
Zacks Investment Research | Jan 28, 2019 07:04AM ET
Shares of Lear Corporation (NYSE:LEA) gained approximately 6.6% in a day’s trading, following its fourth-quarter 2018 earnings release. During the quarter under review, the company reported adjusted earnings per share of $4.05 compared with $4.38 recorded in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate of $3.96. At the end of fourth-quarter 2018, adjusted net income was $261.3 million compared with $300.4 million recorded in the prior-year quarter.
During the reported quarter, revenues decreased 8% year over year to $4.94 billion. The Zacks Consensus Estimate was $4.98 billion. The slump is due to 5% fall in global vehicle production, which consists of 15% decline in China, owing to tough economic conditions.
Moreover, the company’s core operating earnings slumped $8 million year over year to $389 million in the reported quarter. In fourth-quarter 2017, the figure was $441 million.
Lear Corporation Price, Consensus and EPS Surprise
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