DETROIT, July 22 (Reuters) - Lear Corp. , the No. 3 U.S. auto parts maker, on Thursday said quarterly earnings rose on higher sales of vehicle interior components.
The maker of seats, interior trim and electrical systems said second-quarter net income rose to $116.1 million, or $1.65 a share, from $104.1 million, or $1.54 a share, a year ago.
Analysts had expected Lear to earn $1.63 a share, with estimates ranging from $1.55 to $1.69 a share, according to Reuters Estimates.
Lear, based in Southfield, Michigan, said second-quarter revenue rose to $4.28 billion from $4.10 billion a year ago.
In April, Lear had forecast net income per share in the range of $1.55 to $1.65 and forecast sales would rise 5 percent to $4.3 billion. It forecast full-year earnings of $5.85 to $6.25 a share on sales of about $16.6 billion.
Automotive interior makers such as Lear are benefiting from a push among auto manufacturers to upgrade vehicle interiors.
The parts supplier said it expects third-quarter sales to rise about 9 percent to about $3.8 billion. Net earnings per share are expected to range between $1.05 to $1.20, Lear said.
Analysts expect Lear sales to total about $3.59 billion in the third quarter, and earnings to range between $1.10 and $1.25 per share, with an average estimate of $1.18 per share, according to Reuters Estimates.
For all of 2004, Lear said it expects net sales of $16.8 billion, up $200 million from its previous forecast due to new business in Asia, and up from $15.7 billion in 2003.
Lear said it still expects to earn between $5.85 to $6.25 per share for the full year.
Analysts expect revenue of about $16.65 billion this year, and earnings to range between $6.00 and $6.32 per share, with an average estimate of $6.20 per share, according to Reuters Research.