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Lear Cuts Outlook for 2019
Vehicle seating supplier Lear Corp. has cut its full-year revenue and net income forecasts by $1 billion and more than $200 million, respectively.
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Vehicle seating supplier Lear Corp. has cut its full-year revenue and net income forecasts by $1 billion and more than $200 million, respectively.
The Southfield, Mich.-based company blames shrinking production schedules, trade strains and a softening global economy. Lear says it no longer expects an upturn in production during the second half of the year.
The company now anticipates full-year sales will total about $20 billion, down from $21 billion. Lear predicts its adjusted net income will be between $885 million and $965 million, compared with earlier guidance of at least $1.1 billion.
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