US Lear Group doubled its net profit in the first quarter

According to data released by Lear Corporation, the company's net profit for the first quarter increased from $66.1 million (61 cents per share) in the same period of 2010 to $156 million ($1.44 per share). Lear said that its seat business revenue rose 18% to 2.7 billion US dollars; and its power management system revenue rose 26% to 787 million US dollars. In addition, the company also raised its full-year revenue forecast by 400 million U.S. dollars to 130-134 billion U.S. dollars.

Lear, the US auto parts supplier, said on Friday (April 29, local time) that after deducting one-off items including restructuring expenses, the company’s earnings per share for the quarter were US$1.46. Analysts surveyed by FactSet averaged $1.15. Lear said that it is expected that the automakers' production cuts caused by the shortage of parts in Japan may have a significant adverse impact on their second-quarter results, but it is expected that their full-year results will not be affected much.