Lear Corp. said its fourth-quarter normalized net income amounted to $2.77 per share, compared with the S&P Capital IQ consensus estimate of $3.47 per share.
EPS declined 14.9% year over year from $3.25.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $196.7 million, a decline of 21.1% from $249.1 million in the prior-year period.
The normalized profit margin fell to 4.2% from 5.3% in the year-earlier period.
Total revenue declined on an annual basis to $4.64 billion from $4.72 billion, and total operating expenses came to $4.30 billion, compared with $4.29 billion in the year-earlier period.
Reported net income declined from the prior-year period to $229.3 million, or $3.22 per share, from $235.3 million, or $3.07 per share.
For the year, the company's normalized net income totaled $11.45 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $13.71.
EPS rose from $8.96 in the prior year.
Normalized net income was $837.5 million, an increase from $696.5 million in the prior year.
Full-year total revenue rose year over year to $18.56 billion from $18.21 billion, and total operating expenses totaled $17.10 billion, compared with $16.95 billion in the prior-year period.
The company said reported net income grew on an annual basis to $974.8 million, or $13.33 per share, in the full year, from $745.8 million, or $9.59 per share.