Lear Corp Reported Better-Than-Expected Q4 Revenues As 2010 Marked A Year Of Recovery

Lear Corp. (NYSE:LEA) reported adjusted Q4 EPS of $2.38. On average, analysts expected earnings of $1.79 per share. Revenues for the quarter rose 15% year-over-year to $3.2 billion, topping consensus estimates of $2.9 billion. Bob Rossiter, Lear's chief executive officer and president said, "2010 marked a year of recovery in our mature markets; however, industry production in North America and Europe remains below historical levels. We were able to achieve strong financial results and generate significant cash flow due to structural cost reductions and improvements in our manufacturing footprint implemented over the past several years. In addition, we completed a refinancing of our capital structure, and our balance sheet is in the best shape in our history. We continue to win new business globally and expect continued improvements in our operating performance in 2011."