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Lear Corp. profit misses consensus by 15.0% in fiscal Q3

Lear Corp. said its normalized net income for the fiscal third quarter ended Sept. 26 was $2.02 per share, compared with the S&P Capital IQ consensus estimate of $2.37 per share.

EPS increased 36.0% year over year from $1.48.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $156.1 million, an increase of 29.4% from $120.6 million in the year-earlier period.

The normalized profit margin increased to 3.6% from 2.9% in the year-earlier period.

Total revenue rose on an annual basis to $4.33 billion from $4.23 billion, and total operating expenses totaled $4.04 billion, compared with $4.01 billion in the year-earlier period.

Reported net income increased 29.4% from the prior-year period to $181.2 million, or $2.34 per share, from $140.0 million, or $1.72 per share.