‘Challenging environment’ for Lear
30/10/2019
Ray Scott, Lear’s CEO, said global industry production was down 3% year over year.
He added: “Despite these headwinds, we delivered solid quarterly financial results. We recognise that industry conditions remain challenging, but we continue to focus on driving operational efficiencies, investing for long-term profitable growth, and delivering superior shareholder returns.”
Sales in the third quarter decreased 1% to $4.8 billion, reflecting lower production on Lear platforms and net foreign exchange rate fluctuations, partially offset by the addition of new business. Excluding the impact of foreign exchange and the Xevo (car software) acquisition, sales were flat.
Lear bought Eagle Ottawa in 2014.
IHS Market, a US-based supplier of production data, estimates 2019 global production to be 87.1 million vehicles, down 6% from 2018.
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