SOUTHFIELD, Mich. -- Lear Corp. has reported improved financial results for the third quarter and updated its full year 2011 outlook.

For the third quarter of 2011, Lear reported net sales of $3.5 billion, pretax income of $139.1 million, including restructuring costs and other special items of $16.6 million, and diluted net income per share of 95 cents. Income before interest, other expense, income taxes, restructuring costs and other special items (core operating earnings) was $177.9 million. This compares with net sales of $2.8 billion, pretax income of $103.9 million, including restructuring costs and other special items of $30.2 million, and core operating earnings of $149.5 million in the third quarter of 2010.

"Our positive momentum continued in the third quarter as our sales increased at a faster pace than industry production and we achieved our 9th consecutive quarter of improved earnings," said Matt Simoncini, Lear's president and CEO. "We are continuing to invest in strengthening and growing our core businesses with an emphasis on increasing our component capabilities in emerging markets. Our strong financial position allows us to strengthen our competitive position while returning cash to our shareholders."

During the third quarter, Lear repurchased 2.1 million shares of its common stock for a total of $94 million and paid a dividend of$0.125 per share.

Lear expects 2011 net sales in the range of $13.8 to $14.1 billion, up from the company's prior outlook, primarily reflecting higher industry production. Lear has increased its outlook for core operating earnings to a range of $760 to $790 million.