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Lear pleased with third-quarter rebound

05/11/2020
Automotive components supplier Lear Corporation, owner of US-based tannery Eagle Ottawa, has gone against the grain with third quarters sales higher than the same period last year.

Sales reached $4.9 billion, compared with $4.8 billion in 2019.

CEO Ray Scott said: “Despite lower industry volumes versus a year ago, we generated operating margins near pre-covid levels in both business segments. 

“I am very pleased with how quickly the industry recovered and our business rebounded after the second quarter shutdowns, and, barring any COVID-19-related disruptions or a significant change in industry demand, I am optimistic that our positive momentum will continue for the balance of the year.”

It expects full year 2020 sales of around $16.5 billion. Sales in 2019 totalled $19.8 billion, and $21.1 billion in 2018.



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