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Lear Corp. profit misses consensus by 17.7% in fiscal Q2

Lear Corp. said its normalized net income for the fiscal second quarter ended July 1 amounted to $3.39 per share, compared with the S&P Capital IQ consensus estimate of $4.11 per share.

EPS rose 15.7% year over year from $2.93.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $235.1 million, a gain of 8.8% from $216.2 million in the prior-year period.

The normalized profit margin rose to 4.6% from 4.6% in the year-earlier period.

Total revenue rose 8.4% on an annual basis to $5.12 billion from $4.72 billion, and total operating expenses increased 8.3% year over year to $4.72 billion from $4.36 billion.

Reported net income increased 10.5% year over year to $311.8 million, or $4.49 per share, from $282.2 million, or $3.82 per share.