By Maitane Sardon
Automotive-seating manufacturer Lear Corp. said Thursday that net profit and revenue rose in the fourth quarter of fiscal 2020.
The Southfield, Mich., company said its fourth-quarter earnings per share were $3.33, compared with earnings of $2.50 a share a year ago. Net income was $201.6 million, compared with net income of $126 million in the same three-month period a year earlier.
Adjusted earnings were $3.66 a share. Analysts polled by FactSet were expecting adjusted earnings of $4.44 a share.
Total sales in the quarter ended Dec.31 were $5.24 billion, up from $4.82 billion a year earlier. Analysts had forecast revenue of $6.4 billion.
Lear said global vehicle production grew by 2% from a year ago, with North America flat, Europe up 1% and China up 5%.
"It is an exciting time in the automotive industry, as the transition to electric vehicles is accelerating and global vehicle production volumes are growing," Lear President and Chief Executive Ray Scott said, adding that the company is very well positioned to benefit from these trends.
The company said it reinstituted and paid a quarterly cash dividend of 25 cents a share.
Write to Maitane Sardon at email@example.com