Lear Corporation Q1 Profit Decreases, but beats estimates

(RTTNews) - Lear Corporation (LEA) reported earnings for first quarter that decreased from last year but beat the Street estimates.

The company's bottom line came in at $110 million, or $1.90 per share. This compares with $144 million, or $2.41 per share, in last year's first quarter.

Excluding items, Lear Corporation reported adjusted earnings of $183 million or $3.18 per share for the period.

Analysts on average had expected the company to earn $3.02 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 3.4% to $6.0 billion from $5.8 billion last year.

Lear Corporation earnings at a glance (GAAP) :

-Earnings (Q1): $110 Mln. vs. $144 Mln. last year. -EPS (Q1): $1.90 vs. $2.41 last year. -Revenue (Q1): $6.0 Bln vs. $5.8 Bln last year.

-Guidance: Full year revenue guidance: $24bln - $24.6bln