While announcing strong first-quarter results on Friday, Lear Corp. (LEA), an automotive technology provider in Seating and E-Systems, raised its fiscal 2021 forecast for sales and earnings.
For fiscal 2021, the company now expects core operating earnings between $1.14 billion and $1.31 billion, adjusted EBITDA between $1.70 billion and $1.87 billion, and net sales of $20.35 billion to $21.15 billion.
The company previously expected core operating earnings to be $1.13 billion - $1.30 billion, adjusted EBITDA of $1.69 billion to $1.86 billion, and net sales of $19.8 billion- $20.8 billion. Analysts expect revenue of $20.22 billion for fiscal year 2021.
On average, 17 analysts polled by Thomson Reuters expect revenues of $20.42 billion for the year. Analysts' estimates typically exclude special items.
The company said the updated 2021 financial outlook reflects the semiconductor and other component shortages impacting the industry. These impacts are expected to continue in the second quarter, and to a lesser extent, in the second half of the year.
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