Lear Reaches 52-Week High - Analyst Blog
27 March 2013 - 8:22PM
Zacks
Shares of Lear Corp. (LEA) hit 52-week high of
$56.70 on Mar 15. Shares of the company started escalating, buoyed
up by its impressive fourth quarter results, aggressive share
repurchase strategy, optimistic guidance and promises of boosting
shareholder value in the future. Their previous 52-week high was
$56.08.
Lear Corporation designs, manufactures, assembles and supplies
automotive seat systems, electrical distribution systems and
related components primarily to automotive original equipment
manufacturers. The company sells its products mainly in North
America, South America, Europe and Asia. It has a market cap of
$5.3 billion.
Lear posted a 17.5% rise in adjusted earnings per share to $1.48 in
the fourth quarter of 2012 from $1.26 in the corresponding quarter
last year. Profits in the quarter beat the Zacks Consensus Estimate
by a dime.
Revenues increased 6% to $3.7 million in the reported quarter,
surpassing the Zacks Consensus Estimate of $3.5 million. Global
industry production increased 2% year over year, with a 10% hike in
North America and 4% rise in China.
During 2012, Lear repurchased 5.4 million shares for $223 million.
Since the inception of the share repurchase program, the company
has repurchased 11.5 million shares for $502 million.
In Jan 2013, the board of directors of Lear has authorized an
additional $800 million for repurchase under the existing share
repurchase program and extended the authorization till Jan 10,
2016. With this, the company had approximately $1.0 billion worth
of shares remaining under its share repurchase program at the end
of the quarter. In 2013, Lear anticipates higher revenues between
$15.0 and $15.5 billion compared with $14.6 billion in 2012.
Currently, Lear retains a Zacks Rank #3 (Hold). While we remain on
the sidelines about the company, stocks from the same industry that
warrant a look include Denso Corp. (DNZOY),
Visteon Corp. (VC) and STRATTEC Security
Corporation (STRT).. All of them carry a Zacks Rank #1
(Strong Buy).
(DNZOY): Get Free Report
LEAR CORPORATN (LEA): Free Stock Analysis Report
(STRT): Get Free Report
VISTEON CORP (VC): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jul 2023 to Jul 2024