07 March, 2023 - 09 March, 2023
Novo Hamburgo/RS - Brasil
13 March, 2023 - 15 March, 2023
22 April, 2023 - 26 April, 2023
North Carolina, USA
17 June, 2023 - 20 June, 2023
Riva del Garda , Italy
14 October, 2023 - 18 October, 2023
North Carolina, USA
The automotive seating and components supplier has posted solid full year results despite challenging macroeconomic headwinds in the fourth quarter.
Lear Corp has posted sales of US$4.9 billion in the fourth quarter of 2018, against US$5.4 billion a year earlier (-8%). Excluding the impact of foreign exchange, sales were down -5%, “reflecting lower production on key Lear platforms, partially offset by the addition of new business in both of our product segments”. Net income in the quarter was US$212 million and adjusted net income of US$261 million, down from US$401 million and US$300 million, respectively, in Q4 2017. Core operating earnings totalled US$389 million (Q4 2017: US$441 million), or 7.9% of sales. In the Seating segment, margins and adjusted margins were 7.5% and 8% of sales, respectively.
In full 2018, Lear’s sales totalled US$21.1 billion, up +3% from US$20.5 billion for the full 2017. Net income was US$1,150 million and adjusted net income US$1,205 million, compared with US$1,313 million and US$1,178 million, respectively, in the prior year. Core operating earnings amounted to US$1,749 million (2017: US$1,719 million), or 8.3% of sales. In the Seating segment, margins and adjusted margins were 7.9% and 8.3% of sales, respectively.
Ray Scott, President and CEO, Lear, said global vehicle production decreased by 5% in the fourth quarter compared with the previous year, with China down 15%. "While the industry will continue to face challenges in 2019, we are well positioned with two high-performing business segments that are complementary and aligned with the key trends driving the future of the automotive industry."
Global automotive leather manufacturer, Eagle Ottawa is part of Lear Corp.