Net income for the period was up by 44.6% to US$133 million, while adjusted net income grew by 21.4% to US$170 million.

The company noted that global vehicle production increased by 4% in the third quarter, with North America up by 9%, Europe up by 6% and China down by 1%.

Core operating earnings for the third quarter were US$267 million, or 4.6% of sales, and were up by 13.6% year-on-year.

Looking forward, the company is expecting net sales of US$23.1-23.3 billion in the full 2023 fiscal year. Core operating earnings are forecast at US$1.085-1.125 billion.

President and CEO Ray Scott said: “Lear’s positive momentum continued in the third quarter with our fifth consecutive quarter of improved year-on-year results. Our strategy to streamline our product portfolio and improve our financial performance in E-Systems is on track, as the division reported its highest operating margins in more than two years.

“In Seating, we were again recognised as a leader in quality by J.D. Power, third-party validation of Lear’s strength in operational excellence. We also received our first General Motors seat ventilation award, continuing the momentum of new business wins in thermal comfort systems. I am confident that the actions we are taking to provide innovative solutions for our customers and improve operational efficiency in both business segments will support continued above market growth, increased profitability and cash flow, and significant returns for our shareholders.”