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Lear Corp. profit misses consensus by 20.4% in Q3

Lear Corp. said its third-quarter normalized net income came to $2.98 per share, compared with the S&P Capital IQ consensus estimate of $3.74 per share.

EPS rose 18.3% year over year from $2.52.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $205.1 million, a gain of 13.1% from $181.4 million in the third quarter ended Oct. 1, 2016.

The normalized profit margin climbed to 4.1% from 4.0% in the year-earlier period.

Total revenue rose 10.1% on an annual basis to $4.98 billion from $4.53 billion, and total operating expenses grew 9.8% year over year to $4.60 billion from $4.19 billion.

Reported net income increased 27.0% year over year to $272.6 million, or $3.96 per share, from $214.7 million, or $2.98 per share.