SOUTHFIELD, Mich. (AP) — Lear Corp. (LEA) on Tuesday reported fourth-quarter profit of $126 million.
On a per-share basis, the Southfield, Michigan-based company said it had net income of $2.50. Earnings, adjusted for one-time gains and costs, were $2.64 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.25 per share.
The automotive seating and electrical distribution systems company posted revenue of $4.82 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $4.49 billion.
For the year, the company reported profit of $753.6 million, or $12.75 per share. Revenue was reported as $19.81 billion.
Lear expects full-year revenue in the range of $19.4 billion to $20.2 billion.
Lear shares have dropped almost 3% since the beginning of the year. The stock has decreased 16% in the last 12 months.