The company, which includes its Eagle Ottawa by Lear leather division, reported a net income loss of US$92 million for the period, with an adjusted net income result of US$140 million.

Global vehicle production was up by 29% in the period, with North America specifically up by 24%, Europe by 20% and China by 35%.

Core operating earnings for the third quarter were US$235 million, or 4.5% of sales, compared to US$98 million, or 2.3% of sales, in 2021. Lear attributed this increase to higher production and the addition of new business, which were partially offset by the impact of foreign exchange.  

“Lear delivered improved financial results in the third quarter, reflecting higher industry volumes and our strong new business backlog. We expect further improvement in both business segments in the fourth quarter,” said Ray Scott, Lear’s President and Chief Executive Officer.