Lear (NYSE:LEA) Announces Earnings Results, Beats Expectations By $0.32 EPS

Lear (NYSE:LEA) posted its quarterly earnings data on Thursday. The auto parts company reported $2.89 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.32, Briefing.com reports. The business had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.52 billion. Lear had a return on equity of 14.75% and a net margin of 2.30%. Lear’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.87 earnings per share. Lear updated its FY 2024 guidance to EPS.

Lear Stock Up 0.5 %

NYSE LEA traded up $0.48 during trading hours on Friday, hitting $98.65. The company’s stock had a trading volume of 1,052,709 shares, compared to its average volume of 659,617. Lear has a 52 week low of $97.51 and a 52 week high of $147.11. The company has a market capitalization of $5.60 billion, a PE ratio of 10.79, a price-to-earnings-growth ratio of 0.50 and a beta of 1.44. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.56. The company’s 50-day simple moving average is $109.30 and its two-hundred day simple moving average is $118.06.

Lear Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Wednesday, September 4th were given a dividend of $0.77 per share. The ex-dividend date was Wednesday, September 4th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.12%. Lear’s dividend payout ratio (DPR) is presently 33.59%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Evercore ISI decreased their price objective on Lear from $155.00 to $145.00 and set an “in-line” rating for the company in a report on Monday, July 15th. Wells Fargo & Company decreased their price objective on Lear from $114.00 to $106.00 and set an “equal weight” rating for the company in a report on Friday. Bank of America decreased their price target on Lear from $180.00 to $170.00 and set a “buy” rating for the company in a report on Monday, October 14th. Wolfe Research began coverage on Lear in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. decreased their price target on Lear from $162.00 to $160.00 and set an “overweight” rating for the company in a report on Monday. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $142.75.

About Lear

Lear Corporation designs, develops, engineers, manufactures, assembles, and supplies automotive seating, and electrical distribution systems and related components for automotive original equipment manufacturers in North America, Europe, Africa, Asia, and South America. Its Seating segment offers seat systems, seat subsystems, keyseat components, seat trim covers, seat mechanisms, seat foams, and headrests, as well as surface materials, such as leather and fabric for automobiles and light trucks, compact cars, pick-up trucks, and sport utility vehicles.