- Lear Corp LEA reported a fourth-quarter FY21 sales decline of 7% year-on-year, to $4.88 billion, beating the analyst consensus of $4.72 billion.
- Global vehicle production decreased 13% Y/Y with North America down 15%, Europe down 26%, and China down 4%.
- Selling, general and administrative expenses fell 4.4% Y/Y to $140.2 million.
- Core operating income for the quarter declined 52% to $158 million, with a margin of 3.2%.
- Adjusted EPS of $1.22 beat the analyst consensus of $1.10.
- "While we expect industry production volumes to improve in 2022, we are still facing uncertainties related to the COVID-19 pandemic, semiconductor shortages, and inflationary pressures," said CEO Ray Scott.
- As of December 31, 2021, the company had a remaining share repurchase authorization of $1.3 billion, which expires 2022-end.
- The company held $1.3 billion in cash and equivalents as of December 31, 2021. Cash provided by operating activities for the three months totaled $166.9 million.
- Outlook: Lear sees FY22 sales of $20.8 billion - $22.3 billion versus the consensus of $22.33 billion. The company expects FY22 adjusted EBITDA of $1.5 billion - $1.8 billion.
- Price Action: LEA shares traded lower by 0.30% at $170.00 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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