The Michigan-based company said its revenue increased 8% to $4.23 billion, up from $3.92 billion last year, but missed analysts’ expectations of $4.27 billion. Revenue for the quarter was bolstered by strong performance in North America and China.

In North America, which is the company’s largest geographical segment, revenue climbed 11.7% to $1.68 billion. Sales rose 9.8% to $1.62 billion in Europe and Africa and 6.1% to $735.4 million in Asia. Sales in South America however, slipped 19% over last year to $201.6 million.

Net income for the third quarter came in at $140.1 million or $1.72 per share, up from $112.8 million or $1.38 per share posted in the same quarter last year. Excluding the impact of special items, per share earnings (EPS) came in at $1.93, beating Wall Street’s expectations of $1.88.

Company CEO Matt Simoncini said: “We had our best third quarter ever.” He added that sales in the third quarter outpaced the industry and that the company was able to push margins in both business segments relative to the same quarter last year.

During the quarter the company acquired the world’s largest supplier of vehicle leather, Eagle Ottawa LLC, for $850 million. The move should increase the company’s grip on its global seating business.

The company’s acquisition of Ottawa LLC will likely bolster per-share earnings by 5% within the first twelve months of the transaction’s closure (expected in the first quarter of 2015), before synergies kick in, according to the company.

Eagle Ottawa is the world’s largest supplier of automotive leather, with a low-cost manufacturing footprint and annual revenues of approximately $1 billion. The company has an experienced management team, modern facilities, the latest technology and a reputation for superior quality, product innovation and craftsmanship said Lear when they announced its financial results in October.

Eagle Ottawa has an industry-leading position in North America and Asia and is one of the top leather suppliers in Europe. Eagle Ottawa has a balanced customer mix, serving virtually every major automaker in the world. No single customer represents more than 20% of its sales, and no single vehicle platform accounts for more than 6% of sales.

“The purchase price is $850 million, and we expect the transaction to close in the first quarter of 2015 following regulatory approvals. Excluding synergies, the valuation multiple is approximately 6x the 2015 EBITDA. We expect the transaction to be accretive by approximately 5% to earnings per share, excluding synergies, in the first 12 months following the closing. The 5% EPS accretion assumes Lear finances 100% of the purchase price and incremental depreciation and amortization of approximately $25 million to $30 million related to the purchase accounting adjustments” said Lear during the online announcements of its Q3 results.