New Lear chief executive celebrates record quarter
27/04/2018
The company, which owns the Eagle Ottawa automotive leather group, said this increase reflects the addition of new business in its two business segments, Seating and E-Systems, including the acquisition of the seating business of Grupo Antolin, which it completed in May 2017.
Sales for Lear’s Seating division increased 6%, while its revenue from E-Systems jumped 15%.
"In the first quarter, we again delivered record financial results and accelerated our sales growth," said Ray Scott, who took over from Matt Simoncini as Lear’s CEO in March. “With our unique product capabilities in Seating and E-Systems and the continued convergence of the two segments, we are extremely well positioned for future growth.”
Lear also increased its full-year outlook for 2018, estimating that its sales will be between $21.8 billion and $22 billion. It said this reflects the strengthening of foreign currencies against the US dollar, as well as higher production on its key programmes.
This outlook is based on the assumption of global production of 95.7 million vehicles. This would be up 3% compared to 2017. Lear said vehicle production is expected to increase 1% in North America, 2% in Europe and Africa, and 3% in China in 2018.
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