Lear Corp. beats forecasts for Q2
Southfield — Lear Corp. on Thursday reported a second-profit higher than analysts’ projections.
The Southfield-based company reported earnings per share of a profit of $3.82. Adjusted earnings per share were $3.66, a 30 percent increase from a year ago. The earnings beat 13 analysts’ forecasts that called for earnings of $3.31 per share.
Lear reported a second-quarter net income of $282 million, up roughly $100 million from a year prior. The company reported $4.7 billion in sales.
In the second quarter of 2016, Lear bought about 2.3 million shares of its common stock for $250 million, the company reported. Since 2011, Lear has repurchased 38.9 million shares of its common stock at an average of $72.06 a share.
At 1:30 p.m. Thursday, Lear stock was down 6.5 percent at $108.95 per share.