Lear Corporation reports third quarter 2021 results

United States
Published:  03 November, 2021

The U.S.-headquartered automotive technology company saw sales of US$4.3 billion in the third quarter of FY2021, a decrease of 13% on 2020.

Lear saw a loss in net income of US$27 million, though President and CEO Ray Scott says the company is performing well compared with the rest of the market.

Covid-19 restrictions and semiconductor shortages continue to affect financial results in the automotive sector, and Lear remains poised to capitalise on opportunities when the industry recovers.

The company recently announced its acquisition of Kongsberg Automotive's Interior Comfort Division to further expand Lear’s offering.

Forecasting results for the whole of 2021, Lear expects to achieve adjusted EBITDA of at least US$1.3 billion.