UPDATE: Lear Q4 Profit Beats Estimates, Shares Gain

Shares of

rose more than 2% in pre-market trading after the company reported stronger-than-expected earnings for the fourth quarter. The Southfield, Michigan-based company posted quarterly earnings of $262 million, or $3.24 per share, versus $73 million, or $0.88 per share, in the year-ago period. Excluding special items, the company's earnings climbed to $2.27 per share from $1.55 per share. Its revenue surged 7% to $4.55 billion. However, analysts were expecting earnings of $2.07 per share on revenue of $4.49 billion. Sales in Europe and Africa climbed 6.2%, while sales rose 2.4% in Asia. Sales in North America jumped 14%, while sales slipped 17% in South America. In the seating segment, Lear's sales climbed 10% to $3.45 billion, while sales in electrical segment dropped 1% to $1.1 billion. During the quarter, the company repurchased 1.6 million shares of its common stock for a total of $152 million "2014 marked our fifth consecutive year of higher sales, earnings per share and strong free cash flow," 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. Our improving financial results and our strong sales backlog demonstrate that our focused strategy is delivering value for our customers and for our shareholders.” Lear projects FY15 sales of $18.5 billion to $19 billion. Lear shares rose 2.47% to $101.50 in pre-market trading.