Record second quarter for acquisitive Lear - leatherbiz: Leading news Leatherbiz

News

Record second quarter for acquisitive Lear

27/07/2017
US-based seat supplier Lear, owner of the Eagle Ottawa tannery, has reported an 8% rise in sales for its second quarter to a record $5.1 billion and has raised its outlook for the rest of the year.

During the quarter, it completed the acquisition of Grupo Antolin’s seating business and raked in $312 million in profit, a rise of 10%.

Grupo Antolin has operations in five countries in Europe and North Africa and supplies to Daimler, Peugeot Citroën, Renault Nissan and Volkswagen.

Lear CEO Matt Simoncini said: “We continued to grow our sales faster than industry production, improve our operating margins in both segments and achieve record overall financial results. Accordingly, we are increasing our 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.”

Lear bought Eagle Ottawa in 2014.


Related stories:

Simoncini to leave Lear in 'strongest position in its history' 30/01/2018
Lear to build facility near GM assembly plant 25/08/2017
Lear Corporation to sponsor 2017 IULTCS ‘Young Leather Scientist’ grant 04/07/2016
‘Differentiated’ Lear reports record 2015 sales 01/02/2016
Eagle Ottawa provides advantage for confident Lear 23/10/2015
Eagle Ottawa purchase a great addition, says Lear 27/07/2015
Lear to open Macedonian leather seat plant to serve European auto groups 20/05/2015
Record quarterly profit for Lear 27/04/2015
Lear Corporation reports 2014 growth 30/01/2015
Lear chief executive says Eagle Ottawa price is “right and fair” 23/09/2014
Leather Pipeline: All eyes on Shanghai 02/09/2014

Leatherbiz.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.