Lear Q1 Earnings Top Estimates; Cuts FY22 Outlook

  • Lear Corp LEA reported a first-quarter FY22 sales decline of 3% year-on-year to $5.21 billion, beating the consensus of $5.04 billion.
  • Global vehicle production decreased 4% Y/Y, with North America down 2%, Europe shedding 18%, and China climbing 8%.
  • Net sales from North America rose 9.3% Y/Y, Europe and Africa fell 13.8%, Asia decreased 5.1%, and South America rose 4.8%.
  • Selling, general and administrative expenses rose 5% Y/Y to $177.3 million.
  • Core operating income for the quarter nearly halved to $183.7 million, with a margin of 3.5%.
  • Lear held $1.2 billion in cash and equivalents as of April 2, 2022. Net cash provided by operating activities in Q1 amounted to $221 million with a free cash flow of $90 million.
  • Adjusted EPS of $1.80 beat the analyst consensus of $1.57.
  • Outlook: Lear sees FY22 sales of $20.4 billion - $21.20 billion (prior view $20.8 billion - $22.30 billion), against the consensus of $21.49 billion.
  • It sees FY22 adjusted EBITDA of $1.365 billion - $1.565 billion (prior view: $1.50 billion - $1.80 billion).
  • Price Action: LEA shares closed lower by 1.49% at $129.84 on Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!