Lear expects drop in vehicle production in North Ame - leatherbiz: Lea Leatherbiz

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Lear expects drop in vehicle production in North America

27/10/2017
Automotive seating supplier Lear Corporation has reported sales of just under $5 billion in the third quarter of 2017, a 10% increase compared to the same period of last year. This figure represents Lear’s best ever third quarter sales performance.

Net income for the quarter was $295 million, 38% higher than a year ago.

As a result of its strong performance so far in 2017, Lear has announced it is raising its outlook for the full year. It now expects total sales to be approximately $20.4 billion, $400 million higher than its previous forecast. 

It explained that this outlook is based on the assumption that global industry production in 2017 will be 93.4 million vehicles, up 2% from 2016. It expects vehicle production to rise in Europe, Africa and China but predicts a 4% drop in North America.

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