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

Lear (NYSE:LEA) announced 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 company had revenue of $5.58 billion for 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%. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.87 EPS. Lear updated its FY 2024 guidance to EPS.

Lear Stock Performance

NYSE:LEA traded up $1.01 during mid-day trading on Friday, hitting $99.18. 633,401 shares of the company’s stock traded hands, compared to its average volume of 657,591. Lear has a 12 month low of $97.51 and a 12 month high of $147.11. 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 firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 0.50 and a beta of 1.44. The firm has a 50 day moving average of $109.30 and a two-hundred day moving average of $118.06.

Lear Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Wednesday, September 4th were given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Wednesday, September 4th. Lear’s dividend payout ratio is 32.94%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on LEA shares. TD Cowen dropped their price objective on Lear from $142.00 to $125.00 and set a “buy” rating for the company in a research note on Friday. UBS Group reduced their target price on shares of Lear from $136.00 to $128.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. StockNews.com raised Lear from a “hold” rating to a “buy” rating in a research report on Friday, July 26th. Evercore ISI decreased their target price on shares of Lear from $155.00 to $145.00 and set an “in-line” rating on the stock in a research report on Monday, July 15th. Finally, Citigroup reduced their price target on shares of Lear from $141.00 to $127.00 and set a “neutral” rating on the stock in a research report on Friday, July 12th. 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 company has a consensus rating of “Moderate Buy” and an average 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.