The company had record first quarter revenue of US$6 billion, up by 3% year-on-year, while net income declined by 14% to US$109.6 million.

Lear noted that global vehicle production decreased by 1% in the first quarter, with North America up 1%, Europe down 2% and China up 5%.

Core operating earnings for the period totalled US$280 million or 4.7% of sales, up from US$263 million or 4.5% of sales in the same period of 2023.

Looking forward, the company expects net sales in the range of US$24-24.6 billion for the full 2024 financial year, with core operating earnings of US$1.13-1.16 billion.

President and CEO Ray Scott said: “Lear started 2024 strong, delivering record first quarter total company revenue and improved year-over-year margins in E-Systems for the seventh consecutive quarter. We have made substantial progress on our thermal comfort strategy, and during the quarter, initiated the validation of our first complete seat module scheduled to launch in 2026 with a global automotive manufacturer.”