Research Desk Line-up: Douglas Dynamics Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 15, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Lear Corp. (NYSE: LEA), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LEA, following the Company's reporting of its third quarter fiscal 2017 operating results on October 25, 2017. The global supplier of automotive seating and electrical systems reported 10% growth in sales while earnings soared 38%. The Company also raised its FY17 financial outlook for sales, earnings, and free cash flow. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Auto Parts industry. Pro-TD has currently selected Douglas Dynamics, Inc. (NYSE: PLOW) for due-diligence and potential coverage as the Company announced on November 06, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Douglas Dynamics when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on LEA; also brushing on PLOW. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=LEA

http://protraderdaily.com/optin/?symbol=PLOW

Earnings Reviewed

For the three-month ended September 30, 2017, Lear reported sales of $4.98 billion, up 10% compared to sales of $4.53 billion in Q3 2016. The increase in sales reflected the addition of new business in both of the Company's product segments and the acquisition of Grupo Antolin's seating business, partially offset by lower production volumes on key Lear platforms. The Company's revenue numbers topped analysts' expectations of $4.83 billion.

During Q3 2017, Lear's core operating earnings jumped 12% to $408 million on a y-o-y basis, while core operating margin totaled 8.2%, up 8% compared to the year-ago same period.

For Q3 2017, Lear's net income surged 38% to $295.2 million compared to net income of $214.4 million, while earnings per share advanced 33% to $3.96 per share. For the reported quarter, the Company's adjusted net income was $272 million, growing 19% on a y-o-y basis, and adjusted earnings per share jumped 24% to $3.96 per share, reflecting the improved operating earnings, a reduced share count, and a lower effective tax rate. Lear's earnings surpassed Wall Street's expectations of $3.80 per share.

Lear's Segment Results

During Q3 2017, the Seating business' sales totaled $3.87 billion, up 10.3% compared to sales of $3.51 billion in Q3 2016. The Seating segment's margins and adjusted margins were 7.7% and 8.1% of sales, respectively. The segment's earnings for the reported quarter totaled $298.8 million versus $269.5 million in the prior year's same quarter.

For Q3 2017, the E-Systems division reported sales of $1.11 billion versus sales of $1.01 billion in Q3 2016. The E-Systems segment' margins and adjusted margins were 14.0% and 14.4% of sales, respectively. For the reported quarter the segment's earnings were $155.5 million compared to $140.3 million in the year-earlier quarter.

Cash Matters

During Q3 2017, Lear's net cash provided by operating activities was $339.0 million and free cash flow was $182.8 million compared to net cash from operating activities of $276.3 million and free cash flow of $157.7 million in Q3 2016.

During Q3 2017, Lear repurchased approximately 0.5 million shares of its common stock for a total of $78 million. As of the end of the reported quarter, the Company had a remaining share repurchase authorization of $668 million, which expires on December 31, 2019.

Since initiating the share repurchase program in early 2011, Lear has repurchased 43.4 million shares of its common stock for a total of $3.4 billion at an average price of $78.18 per share. This represents a reduction of approximately 41% of the Company's shares outstanding at the time of the initiation of the program.

Outlook

For FY17, Lear is forecasting sales in to be approximately $20.4 billion, up $400 million from the prior outlook, and core operating earnings are expected to be about $1.70 billion, up $50 million. The Company's net cash provided by operating activities is estimated to be $1.74 billion and free cash flow is expected to be approximately $1.15 billion, up $50 million from the earlier outlook.

For FY17, Lear is projecting pretax operational restructuring costs to be $65 million, capital expenditures to be $585 million, and depreciation and amortization expenses to come in around $420 million.

Stock Performance

At the closing bell, on Tuesday, November 14, 2017, Lear's stock was marginally up 0.33%, ending the trading session at $174.93. A total volume of 372.15 thousand shares have exchanged hands. The Company's stock price skyrocketed 20.26% in the last three months, 23.74% in the past six months, and 42.66% in the previous twelve months. Moreover, the stock soared 32.15% since the start of the year. The stock is trading at a PE ratio of 10.69 and has a dividend yield of 1.14%. The stock currently has a market cap of $11.91 billion.

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