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Lear Corp. profit misses consensus by 20.2% in fiscal Q2

Lear Corp. said its normalized net income for the fiscal second quarter ended June 27 came to $1.98 per share, compared with the S&P Capital IQ consensus estimate of $2.48 per share.

EPS increased 32.6% year over year from $1.49.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $154.5 million, a gain of 26.3% from $122.3 million in the prior-year period.

The normalized profit margin rose to 3.3% from 2.7% in the year-earlier period.

Total revenue climbed year over year to $4.64 billion from $4.59 billion, and total operating expenses came to $4.35 billion, compared with $4.35 billion in the prior-year period.

Reported net income increased 22.7% year over year to $181.9 million, or $2.33 per share, from $148.3 million, or $1.81 per share.