Auto parts supplier Lear rises after lifting annual outlook
26/10/2023 16:17
** Shares of automotive seating maker Lear Corp LEA.N rise
~7% to $138.42
** Co now sees FY23 net sales between $23.10 bln and $23.30
bln, vs. $22.35 bln to $23.05 bln previously
** "Our strategy to streamline our product portfolio and
improve our financial performance in E-Systems is on track, as
the division reported its highest operating margins in more than
two years" CEO Ray Scott said
** Co's FY23 outlook assumes a $350 mln impact on sales due
to industry disruptions related to ongoing UAW strike, including
a $325 mln impact in Q4
** Co beat Wall Street estimates for Q3 adj EPS, reporting
$2.87 vs. analyst estimate of $2.67, as per LSEG data
** Co's revenue rose 10.3% to $5.78 bln from a year ago;
analysts expected $5.61 bln
** During Q3, LEA repurchased 521,552 shares of common stock
for $74.9 mln
** Up to Wednesday's close, stock had risen ~11% YTD
(Reporting by Aatreyee Dasgupta)
((Aatreyee.Dasgupta@thomsonreuters.com))