Lear turns in 1st-quarter profit following big loss last year

Lear posts 1Q profit after year-ago loss

SOUTHFIELD, Mich. — Auto supplier Lear Corp. said Thursday that it reversed a loss from a year ago, helped by the recovery of the global auto industry.

Lear also raised its 2010 outlook for sales and its core operating earnings.

The company, which makes vehicle seating and electronics, reported net income of $66.1 million, or $1.22 per share. The company lost $264.8 million, or $3.42 per share, in the 2009 first quarter.

Lear said revenue rose 36 percent to $2.94 billion from $2.17 billion a year ago.

Analysts polled by Thomson Reuters expected first-quarter results of 86 cents per share on revenue of $2.76 billion.

Lear said it saw improvements in developed markets in North America and Europe as auto sales were revived following a steep drop last year. Emerging markets such as China and Brazil also showed better results.

Lear said it expects 2010 revenue of $11 billion and core operating earnings of $375 million to $425 million.

Analysts expect revenue of $10.88 billion and operating earnings of $399.5 million.

Shares of Lear fell $1.81, or 2.4 percent, to $75.15 in morning trading.