Lear stock surges after auto seats maker raised outlook for sales, earnings and cash flow

Shares of Lear Corp.
LEA,
+1.75%
surged 3.1% in premarket trading Tuesday, after the auto seats maker raised its full-year outlook for sales and adjusted earnings, and said it expects market share to grow over the next several years. For 2023, the company raised guidance ranges for sales to $22.35 billion to $23.05 billion from $21.20 billion to $22.20 billion, and for adjusted net income to $620 million to $720 million from $510 million to $670 million. The current FactSet consensus for sales is $22.55 billion and for adjusted net income is $519.8 million. The free cash flow guidance increased to $480 million to $580 million from $375 million to $525 million, well above the FactSet consensus of $393.4 million. The company expects to grow market share to 29% from 25% by 2027. The stock has climbed 11.9% year to date through Monday, while the S&P 500
SPX,
-0.45%
has advanced 12.7%.