SOUTHFIELD, Mich. (AP) -- Lear Corp.'s net income fell 19 percent in the first quarter, but the auto-seat maker's results still beat Wall Street expectations.
The company also said that it entered an $800 million accelerated stock buyback program, pushing Lear's shares up to a 52-week high in morning trading.
The Southfield, Mich.-based company said its net income fell to $108.5 million, or $1.13 per share, in the three months ending March 30, from $134.1 million, or $1.32 per share, in the same period a year ago.
Excluding restructuring costs and other charges, the company said it earned $1.30 per share, above the $1.10 per share analysts expected, according to research firm FactSet.
Revenue rose 8 percent to $3.9 billion in the first quarter from $3.6 percent in the same quarter a year ago, above the $3.7 billion analysts expected, according to FactSet.
Sales at its seating unit rose 3 percent to $2.9 billion, but profit fell because of lower production in Europe and increased costs in South America. Sales at its electrical power management systems rose 25 percent to $1 billion on new business and higher production.
On Thursday, Lear said that it made a deal with Citigroup to repurchase $800 million of its common stock under an accelerated share repurchase program. The company said it will fund the buyback with cash and will retire 12 million shares in the next week. It plans to complete the program within 11 months.
Lear shares rose $2.86, or 5.3 percent, to $56.81 in morning trading Thursday, after hitting a one-year high of $58.76 in earlier trading.