Lear releases Q2-2021 fiscal results

United States
Published:  09 August, 2021
Credit: Lear

The US-headquartered automotive technology company has released its second quarter 2021 results, with a sales increase of 95% year-on-year.

Sales increased to US$4.8 billion, compared to US$2.4 billion in the second quarter of 2020, reflecting total company growth over market of 11 percentage points.

While the second quarter of 2020 faced pandemic-related issues, the main challenge a year on has been component shortages primarily related to semiconductors, the company reported.

Despite this, the company began to repurchase shares for the first time since suspending the activity in early 2020. Lear repurchased 169,814 shares of its common stock for a total of US$31.2 million in Q2-2021.

2021 outlook

The company maintains a reserved outlook for the rest of the 2021 fiscal year, forecasting that global industry production will increase approximately 6% from 2020, and budgeting net sales of US$19,700 - 20,500 million.