Results improve at Lear as it prepares to unveil new leather
US-based supplier of automotive seating systems Lear Corporation has reported improved financial results for the third quarter of 2007.
The company posted net sales of $3.6 billion and pre-tax income of $60.1 million, including restructuring costs of $37.3 million compared with net sales of $4.1 billion and a pre-tax loss of $65.9 million, including restructuring costs and other special items of $46.1 million in the same quarter of 2006. Net sales in its core businesses improved from the prior year, reflecting new business outside of North America and a favourable foreign exchange.
Chairman, CEO and president, Bob Rossiter, commented, "Our financial performance continued to improve in the third quarter as the benefits from on-going operational efficiencies, our global restructuring initiative and new business favourably impacted our bottom line.”
Meanwhile, the company will host a press conference and fashion show in Detroit this evening where it will unveil a new automotive leather collection.
