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15 December, 2020 -
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The global supplier of automotive seating and electrical systems, reported record sales and earnings for the second quarter of 2017, with total sales reaching US$5.1 billion, up 8% from a year ago (+10% excluding the impact of foreign exchange) and across all regions.
Lear has reported increased sales and improved margins in both business segments for the second quarter of 2017. Net income in the period stood at US$312 million, up +10% from US$282 million in the prior year. Core operating earnings was US$439 million in the period, with a margin of 8.6%, up from 8.4% a year ago, while earnings per share was US$4.49 and adjusted earnings per share of US$4.39, up 20% from the prior year. Net cash provided by operating activities and free cash flow reached US$566 million and US$413 million, respectively.
Based on these results, Matt Simoncini, President and CEO, said the Group is increasing its full year outlook for sales, earnings and free cash flow. “With our unique product capabilities, industry-leading cost structure and record backlog, we are well positioned to continue to gain market share and grow our earnings”, he said.
In the Seating segment, margins and adjusted margins increased to 8% and 8.4% of sales, respectively. As previously reported by ILM, on April 28, Lear completed the acquisition of Grupo Antolin’s seating business, with operations in five countries in Europe and North Africa. Grupo Antolin's seating business is comprised of just-in-time seat assembly, seat structures and mechanisms and seat covers. It is well positioned among the largest European automakers, including Daimler, Peugeot Citroën, Renault Nissan and Volkswagen.
Lear also includes the leather manufacturer, Eagle Ottawa as part of its group.