Lear Corporation ( LEA ) stock is moving lower on Thursday. The company reported earnings for the 2024 third quarter before the market opened.

What To Know: Lear reported sales of $5.58 billion beating analysts’ estimate of $5.57 billion, but below the $5.8 billion in sales the company previously reported for the 2023 third quarter.

In addition, the company reported adjusted EPS of $2.89, beating analysts’ estimate of $2.63 and marking 1% year-over-year growth. Furthermore, Lear reported adjusted net income of $163 million and cash and cash equivalents of $764 million at the end of the quarter.

Throughout the third quarter, the company repurchased $209 million of shares, with approximately $1.2 billion remaining under its share repurchase authorization. The company also paid $43 million in dividends.

“Lear generated revenue that outperformed the industry by 3 percentage points globally, with outgrowth in both Seating and E-Systems,” said Ray Scott, president and CEO of Lear.

“We accelerated the pace of our share repurchases, allowing us to increase adjusted earnings per share despite lower industry volumes.”

Lear issued an outlook for the full 2024 fiscal year. The company anticipates sales between $22.95 billion and $23.15 billion versus analysts’ estimate of $23.41 billion. Lear expects adjusted EBITDA between $1.67 billion and $1.72 billion.

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LEA Price Action: At the time of publication, Lear stock is moving 5.51% lower at $99.19, according to data from Benzinga Pro.

Image: 385506 from Pixabay.