Lear shares hit a new record high after the maker of car seats and auto systems gave mixed preliminary figures for 2016, but provided higher-than-expected guidance for 2017 in a presentation.
The company said it expects 2016 sales of $18.6 billion compared to the $18.67 billion consensus from analysts polled by Capital IQ, with adjusted EPS of $13.65, just shy of forecasts for $13.70.
The company expects 2017 sales of $19.5 billion, just ahead of the $19.25 billion forecast by analysts. It sees adjusted net income of $1.1 billion, compared with forecasts for $1.0 billion.
The company also reported a consolidated sales backlog, which it says supports further sales growth. It sees a total backlog of $2.8 billion from 2017 to 2019. Including non-consolidated businesses, the backlog is $3.6 billion.
By Fred Canto