(Adds details, analysts’ estimates)
Jan 30 (Reuters) - Lear Corp, a maker of auto seats and electrical power systems, reported a better-than-expected quarterly profit due to strong demand from North America.
Lear, whose customers include General Motors Co and Ford Motor Co, said sales in its seats business rose 10 percent in the fourth quarter ended Dec. 31.
The business accounts for more than three-quarters of Lear‘s’ total revenue.
U.S. auto sales rose almost 11 percent in December to more than 1.5 million vehicles, according to research firm Autodata.
Lear’s revenue from North America rose 13.5 percent, while revenue from Europe and Africa rose about 6 percent.
Net income attributable to the company rose to $261.8 million, or $3.24 per share, from $72.8 million, or 88 cents per share, a year earlier.
Lear had a tax gain of $41.7 million in the quarter.
Excluding items, the company earned $2.27 per share.
Total revenue rose 7 percent to $4.55 billion.
Analysts on average had expected a profit of $2.07 per share and revenue of $4.49 billion, according to Thomson Reuters I/B/E/S.
The company’s shares closed at $99.05 on Thursday on the New York Stock Exchange. Up to Thursday’s close, the stock had risen 29 percent in the past 12 months, while the Dow Jones U.S. Automobiles & Parts Index had risen 3.5 percent. (Reporting by Rohit T. K. in Bengaluru; Editing by Kirti Pandey)