Drop in global vehicle production hits Lear results
28/01/2019
Lear cited lower production on “key platforms” for this decline. The company explained that global vehicle production was down 5% in the fourth quarter, with China down 15%.
Despite the disappointing fourth quarter, Lear’s full-year revenue was up 3% to $21.1 billion. It said this reflects the addition of new business in both of its product segments – Seating and E-Systems -, obtaining control of certain affiliates and the impact of its acquisition of the automotive seating business of Spanish company Grupo Antolin.
Revenue from its Seating segment came in at just over $16 million for the full year, growth of just under 1% compared to 2017. Sales for the E-Systems segment were $5.1 billion, up 11.6% year-on-year.
Ray Scott, Lear’s president and CEO, said: “Despite a more challenging macroeconomic and industry environment, we delivered solid financial results. Our performance demonstrates our strong execution capabilities and our continued investment in innovation.”
Image credit: Jaguar Land Rover.
Share this story:
