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Lear Hikes Outlook as Revenue Rise 10%
Lear Corp.’s third-quarter revenue grew 10% to $5 billion and net income soared 38% to $295 million.
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Lear Corp.’s third-quarter revenue grew 10% to $5 billion and net income soared 38% to $295 million. Both results were record highs for July-September.
The gains aided by Lear’s acquisition of the seating operations of Spanish parts supplier Grupo Antolin, which helped offset lower vehicle production levels in North America.
The strong performance to date prompted Lear to raise its full-year guidance for 2017. The company now forecasts revenue this year to reach $20.4 billion, up $400 million from its prior outlook. Core operating earnings are expected to reach $1.7 billion, up $50 million.
Lear anticipates global car production will rise 2% to 93.4 million units. It expects gains of 1% to 26.1 million units in China and 3% to 23.0 million units in Europe/Africa will more than offset a 4% decline to 17.2 million vehicles in North America.
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