Lear Corporation, a leading automotive technology company, reported its financial results for the third quarter of 2024 on Tuesday, demonstrating its ability to navigate industry headwinds and maintain profitability.

The company reported adjusted earnings per share of $2.89, beating analysts' expectations of $2.57 and representing a slight increase from the same period last year. Revenue for the quarter came in at $5.58 billion, narrowly surpassing estimates and declining 3.4% year-over-year, primarily due to lower production volumes on key Lear platforms.

Despite the challenging industry environment, Lear outperformed the broader market, with its total company revenue outgrowing industry volume by 3 percentage points. The E-Systems segment led the way, with a 5 percentage point outperformance, while the Seating segment delivered a respectable 3 percentage point outgrowth.

Lear's core operating earnings stood at $256.6 million, or 4.6% of sales, down slightly from the prior year but reflecting the company's focus on operational excellence and cost management. The Seating segment margins remained robust at 6.4%, while the E-Systems segment saw an improvement in adjusted margins to 5.0%.