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Lear Corp. profit misses consensus by 15.5% in fiscal Q1

Lear Corp. said its normalized net income for the fiscal first quarter ended March 28 amounted to $1.85 per share, compared with the S&P Capital IQ consensus estimate of $2.19 per share.

EPS climbed 30.4% year over year from $1.42.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $146.6 million, a gain of 24.6% from $117.7 million in the prior-year period.

The normalized profit margin rose to 3.0% from 2.7% in the year-earlier period.

Total revenue grew on an annual basis to $4.52 billion from $4.36 billion, and total operating expenses rose on an annual basis to $4.25 billion from $4.14 billion.

Reported net income rose 20.9% from the prior-year period to $147.1 million, or $1.86 per share, from $121.7 million, or $1.47 per share.