Lear reports Q1 EPS $2.41, consensus $2.58

Reports Q1 revenue $5.85B, consensus $5.58B. "Lear started the year strong, delivering significant increases in revenue and earnings in the first quarter compared to last year and strong growth over market in both businesses," said Ray Scott, Lear’s president and CEO. "We expect our positive momentum to continue as recent business awards and strong backlog in both business segments will continue to drive above market growth. Yesterday, we completed the acquisition of IGB, which will add new product technology and scale to our growing thermal comfort systems business and further differentiate Lear as the preferred provider of automotive seating. In E-Systems, new electrification awards included a BDU award for a new Stellantis electric vehicle as well as additional volume on our intercell connect board to support General Motors’ Ultium battery platform. Lear is a leader in operational excellence, quality and innovation, which will continue to drive profitable growth and increased value for our stakeholders."