Lear Corp.'s (LEA) second-quarter earnings grew 11% as the auto-parts supplier reported higher sales across all regions, led by North America and Asia.
Looking ahead, the company now sees full-year earnings of $4.95 to $5.30 a share, reflecting the company's recently enacted 2-for-1 stock split, on revenue of $13.4 billion to $13.8 billion. Previously, Lear had projected revenue of $13 billion to $13.4 billion.
The maker of automotive seating systems and electrical systems cut its debt obligations and shed thousands of workers while in bankruptcy, giving the company an improved liquidity position. Now, those deep cuts are paying off as sales of new cars and trucks recover.
Lear reported earnings of $177.5 million, or $1.65 a share, up from $159.8 million, or $1.48 a share, a year earlier. Net sales climbed 21% to $3.68 billion.
Analysts surveyed by Thomson Reuters expected a profit of $1.29 a share on revenue of $3.46 billion.
In the larger seating segment, sales were up 19%, primarily driven by new business and the positive impact of foreign currency exchange, while they grew 29% in the electrical power management segment.
Revenue in Europe, Lear's biggest market, rose 18%. North American sales climbed 23%, Asia sales were up 29% and sales in the rest of the world improved 17%.
Shares closed Wednesday at $47.05 and were inactive premarket.
-By John Kell, Dow Jones Newswires; 212-416-2480; firstname.lastname@example.org