Lear hit by ‘significant declines’ in automotive production
26/04/2019
The company’s net income on this revenue was $228.9 million, compared to $353.7 million for the first three months of 2018.
Revenue from the Seating segment was $3.9 billion, down 9.6% year-on-year. Its E-Systems business brought in revenue of $1.2 billion, a drop of 11.2%.
Lear said these results reflect lower production on its key platforms, although it added that this was partially offset by new business.
Discussing the company’s first quarter results, president and CEO Ray Scott said: "In the first quarter, Lear faced challenging macroeconomic conditions marked by significant declines in industry production. In addition, we experienced planned, yet significant, downtime, as our customers shut down their operations to change over to new models.”
Lear expects full-year revenue to be between $20.9 billion and $21.7 billion. This compares to the $21.1 billion it achieved in 2018.
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