Lear fourth quarter net income soars on tax benefit

SOUTHFIELD (AP) -- Auto parts supplier Lear Corp. said last Friday that its fourth-quarter net income surged, boosted by a hefty tax benefit and an uptick in global automotive production. The Southfield, Mich.-based company earned $881.9 million, or $9 per share, up from $106.5 million, or $1.03 per share, in the same quarter last year. The recent quarter's results included a tax benefit of $767 million. Excluding that and other one-time items, the company posted an adjusted profit of $1.48 per share. That beat the $1.37 per share that analysts surveyed by FactSet expected. Revenue increased 6 percent to $3.72 billion from $3.51 billion. Analysts, on average, expected $3.56 billion in revenue. Revenue from the company's seating business rose 3 percent to $2.8 billion, while sales of electrical power management systems jumped 14 percent to $959 million, helped by the addition of new business. For the full year 2012, Lear earned $1.28 billion, or $12.85 per share, up from $540 million, or $5.08 per share, in 2011. Revenue increased to $14.57 billion from $14.16 billion. The company backed its previous 2013 guidance, saying that it still expects sales of between $15 billion and $15.5 billion. Analysts expect $15.07 billion. Its shares rose 29 cents to $49.29 in morning trading. They are near their 52-week high of $50.51 set last Tuesday. They traded as low as $34.81 in late July. Published: Tue, Feb 5, 2013