Shares of Lear Corp. soared 3.1% in premarket trading on Tuesday after the company announced its plans to expand market share in the next several years while raising its full-year guidance for sales and adjusted earnings.
For 2023, Lear Corp. raised its guidance range for sales from $21.20 billion to $22.20 billion to $22.35 billion to $23.05 billion, with an adjusted net income range of $620 million to $720 million from $510 million to $670 million, according to a statement from the auto seats maker.
The free cash flow guidance also surged from $375 million to $525 million to $480 million to $580 million, well above the FactSet consensus of $393.4 million, as noted in the statement.
The company aims to increase its market share from 25% to 29% by 2027, further strengthening its presence in the industry.
As of Monday, Lear Corp.’s stock has climbed 11.9% since the beginning of the year, just shy of the S&P 500’s year-to-date growth of 12.7%.