SOUTHFIELD, MI — Automotive interior systems supplier Lear Corp. has reported financial results for the fourth quarter and full year of 2004. The company has also updated earnings guidance for 2005.
For the fourth quarter of 2004, Lear posted record net sales of $4.29 billion and net income of $123 million, or $1.70 per share, versus net sales of $4.26 billion and net income of $132.4 million, or $1.81 per share, in the fourth quarter of 2003.
For the full year 2004, Lear reported record sales of $17 billion and net income of $422.2 million, or $5.77 per share, including a 20 cent income tax benefit primarily related to the settlement of prior years’ tax matters. These results compare with full year 2003 net sales of $15.7 billion and net income of $380.5 million, or $5.31 per share.
For the first quarter of 2005, Lear expects net sales to be in the range of $4.3 to $4.5 billion, compared with $4.5 billion for the first quarter of 2004, primarily reflecting a less favorable industry production environment, offset in part by the addition of new business globally. Net income is expected to be in the range of 50 cents to 70 cents per share, compared with $1.24 for the first quarter of 2004. The decline in net income per share from a year ago primarily reflects the impact of higher raw material prices, as well as the less favorable production environment.
For more information about Lear, go to: www.lear.com.
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