‘Differentiated’ Lear reports record 2015 sales
01/02/2016
For the full year, global vehicle production increased 2%, it said. Production in North America, Europe & Africa and China increased by 3%, 5% and 5%, respectively. Production in South America decreased by 20%.
"In the fourth quarter, we again delivered record financial results, and for the full year 2015 we reported our 6th consecutive year of higher sales, increased earnings per share and strong cash flow," said CEO Matt Simoncini.
"During 2015, we continued to invest in our business with the acquisitions of Eagle Ottawa, Arada Systems and Autonet Mobile as well as continued expansion of our world-class component facilities in low-cost regions. As a result of these investments, Lear has differentiated itself from the competition in craftsmanship and connectivity.
“Our strong financial position, product capabilities, low-cost manufacturing footprint and strong customer relationships have put Lear in the best overall competitive position in our history."
Its 2016 projections are based on assumptions of 18.2 million units in North America, up 4% from 2055; 21.8 million units in Europe & Africa, up 2%, and 23.6 million units in China, up 6%.
Sales are expected to be in the range of $18.5 billion to $19 billion.
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