SOUTHFIELD, Mich.—Auto parts maker Lear Corp. said on Friday that its third-quarter profit rose 5.7 percent as production increased, and it raised its full-year guidance.
For the quarter that ended Oct. 1, net income rose to $100.7 million, or 95 cents per share, from $95.3 million, or 88 cents per share, for last year's third quarter. Revenue rose 22.7 percent to $3.46 billion, from $2.82 billion a year ago.
Excluding restructuring costs and other one-time items, earnings were $1.08 per share. Analysts surveyed by FactSet had been expecting a profit of $1.12 per share on revenue of $3.23 billion.
Lear makes seats and electrical systems for cars. Revenue in its seating segment rose 22 percent to $2.7 billion after it added new business. Revenue in its electrical power management systems segment rose 26 percent to $772.2 million as production increased. Operating earnings in both segments also improved.
It raised its full-year 2011 revenue outlook to $13.8 million to $14.1 billion because of higher production in the auto industry. It expects adjusted earnings of $540 million to $570 million, or $5.05 to $5.35 per share.
Analysts had been expecting $5.40 per share on revenue of $13.97 billion.
Lear shares fell $2.49, or 5 percent, to $47.20 in morning trading.