Lear Q2 Earnings Top Estimates, Narrows FY22 Outlook
Lear Corp (NYSE: LEA) reported second-quarter FY22 sales growth of 7.1% year-on-year to $5.07 billion, beating the consensus of $4.98 billion.
Global vehicle production decreased 1% Y/Y, with North America rising 12%, Europe shedding 5%, and China sliding 3%.
Net sales from North America rose 18.1% Y/Y, Europe and Africa grew 1%, Asia decreased 8.1%, and South America rose 20.8%.
Selling, general and administrative expenses rose 0.2% Y/Y to $171.2 million.
Core operating income for the quarter fell to $187.4 million, with a margin of 3.7%.
Lear held $828 million in cash and equivalents as of July 2, 2022. Net cash provided by operating activities in Q2 amounted to $11.4 million versus $260.1 million a year ago.
Adjusted EPS of $1.79 beat the analyst consensus of $1.48.
Outlook: Lear sees FY22 sales of $20.55 billion - $21.05 billion (prior view $20.40 billion - $21.20 billion), against the consensus of $20.88 billion.
It sees FY22 adjusted EBITDA of $1.405 billion - $1.505 billion (prior view $1.365 billion - $1.565 billion).
Price Action: LEA shares traded higher by 2.43% at $155.04 on the last check Tuesday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
