SOUTHFIELD — Lear Corp. (NYSE: LEA), the Southfield-based supplier of automotive seating and electrical systems, reported record sales and earnings for the second quarter 2017.
Net income for the quarter was $311.9 million or $4.49 a share, up from $282.4 million or $3.82 a share a year earlier. Revenue was $5.12 billion, up from $4.72 billion a year earlier.
For the six months, net income was $617.7 million or $8.84 a share, up from $530.8 million or $7.11 a share a year earlier. Revenue was $10.12 billion, up from $9.39 billion.
“In the second quarter, we continued to grow our sales faster than industry production, improve our operating margins in both segments and achieve record overall financial results,” sadi Matt Simoncini, president and CEO, in a press release. “Accordingly, we are increasing our full year outlook for sales, earnings and free cash flow. With our unique product capabilities, industry-leading cost structure and record backlog, we are well positioned to continue to gain market share and grow our earnings.”
Lear is increasing its full year 2017 financial outlook for sales, earnings and free cash flow — to $20 billion in sales and core operating earnings of $1.65 billion. Capital spending is expected to be $560 million, up $10 million from the prior outlook primarily reflecting the addition of Grupo Antolin. Net cash provided by operating activities is estimated to be $1.66 billion, and free cash flow is forecast to be approximately $1.1 billion. The company’s effective tax rate on an adjusted basis is expected to be 26 percent, and adjusted net income is expected to be about $1.1 billion.
To listen to a replay of a conference call discussing these results, visit http://ir.lear.com/ or call (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using the passcode 19652649.