Lear Corporation, one of the world's largest automotive interior systems suppliers, has reported financial results for the first quarter of 2005, posting net sales of $4.3 billion and net income of $15.6 million. These results compare to net sales of $4.5 billion and net income of $91.4 million for the first quarter of 2004.

"Industry conditions in North America are very difficult. In this challenging environment, we are evaluating every element of our cost structure for further efficiencies, and we are reviewing all aspects of our global business to ensure that we are positioned for long-term profitable growth," said Bob Rossiter, Lear chairman and CEO.

For the full year of 2005, net sales are expected to be $17.5 to $17.7 billion, reflecting primarily the addition of new business globally. Lear's 2005 industry production planning assumptions are 15.5 to 15.8 million units in North America and 18.3 to 18.6 million units in Europe.

On a more positive note, Lear has been named as General Motors Supplier of the Year for Global Interiors. The award was given during a ceremony on Saturday, April 23, at the General Motors Vehicle Engineering Center in Michigan, USA.

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