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Lear Corp. fiscal Q1 profit climbs 17.0% YOY

Lear Corp. said its normalized net income for the fiscal first quarter ended April 1 was $3.52 per share, compared with the S&P Capital IQ consensus estimate of $3.96 per share.

EPS rose 25.6% year over year from $2.80.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $247.4 million, a gain of 17.0% from $211.3 million in the year-earlier period.

The normalized profit margin rose to 4.9% from 4.5% in the year-earlier period.

Total revenue increased 7.2% year over year to $5.00 billion from $4.66 billion, and total operating expenses climbed 6.6% year over year to $4.58 billion from $4.30 billion.

Reported net income increased 23.2% on an annual basis to $305.9 million, or $4.35 per share, from $248.3 million, or $3.29 per share.