Lear (NYSE:LEA) Releases Quarterly Earnings Results, Beats Estimates By $0.32 EPS

Lear (NYSE:LEA) issued its quarterly earnings data on Thursday. The auto parts company reported $2.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.32, Briefing.com reports. The business had revenue of $5.58 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.87 EPS. Lear updated its FY 2024 guidance to EPS.

Lear Price Performance

LEA stock traded up $0.48 during midday trading on Friday, reaching $98.65. 1,063,803 shares of the stock were exchanged, compared to its average volume of 659,671. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.34 and a quick ratio of 1.04. The stock has a market capitalization of $5.60 billion, a PE ratio of 10.76, a P/E/G ratio of 0.50 and a beta of 1.44. Lear has a 52 week low of $97.51 and a 52 week high of $147.11. The company has a fifty day moving average price of $109.02 and a 200 day moving average price of $117.77.

Lear Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Lear from $150.00 to $145.00 and set an “overweight” rating for the company in a research report on Wednesday, September 25th. Wells Fargo & Company cut their price target on Lear from $114.00 to $106.00 and set an “equal weight” rating on the stock in a report on Friday. StockNews.com raised Lear from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. The Goldman Sachs Group decreased their price objective on shares of Lear from $144.00 to $135.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Finally, Evercore ISI dropped their price objective on Lear from $155.00 to $145.00 and set an “in-line” rating on the stock in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.75.

Lear Company Profile

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.