Auto-part maker Lear Corp. (NYSE: LEA) is up more than 20% after announcing surprising first quarter results. The Michigan-based company defied the weak economy by posting a 57% increase in profit from a year earlier while reaffirming its full-year earnings outlook.

Not ignoring the slow U.S. automarket, Lear Chariman, CEO and President Bob Rossiter said, ""Although we are facing significant challenges in North America, Lear's underlying operating fundamentals remain strong."

The world's largest automotive seat maker reported profits of 64 cents per share compared to expected earnings of only 48 cents per share. Though revenue fell, it still managed to beat expectations.

Most importantly, Lear raised its 2008 revenue projections from $15 billion to $15.5 billion - showing that the company can persevere through a possible vehicle sales downturn. The optimistic first quarter report led to a slew of analyst upgrades of the company's stock to "buy" and "outperform." For the time being, it seems like Lear is immune to the bigger problems facing the U.S. automotive sector.

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