UPDATE: Lear Posts Upbeat Q3 Earnings, Lifts Forecast

Shares of Lear

gained more than 3% in pre-market trading after the company reported upbeat earnings for the third quarter and raised its full-year core earnings forecast. The company now projects core operating earnings of $1.01 billion to $1.04 billion, versus its previous forecast of $975 million to $1.03 billion. It backed its sales forecast for the year. The Southfield, Michigan-based company posted quarterly earnings of $140.1 million, or $1.72 per share, versus $112.8 million, or $1.38 per share, in the year-ago period. Excluding special items, the company's earnings climbed to $1.93 per share from $1.45 per share. Its revenue climbed 8% to $4.23 billion. However, analysts were expecting earnings of $1.91 per share on revenue of $4.29 billion. Global vehicle production rose 3% y/y. Production gained 10% in China, rose 8% in North America and climbed 1% in Europe & Africa. However, production tumbled 20% in South America. In the Seating segment, sales climbed 10% to $3.2 billion. During the third quarter, the company repurchased 1.0 million shares of its common stock for a total of $103 million. We had our best third quarter ever," said Matt Simoncini, Lear's president and chief executive officer. "Sales grew faster than industry production, and we improved our margins in both business segments on a year-over-year basis. The investments that we have been making to improve our cost structure, increase our component capabilities, and grow and strengthen both our business segments are paying off.” Lear shares gained 3.44% to $88.50 in pre-market trading.