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Lear Posts Record Operating Earnings in Third Quarter
Lear Corp.’s operating earnings in the third quarter surged 27% to a record $320 million as sales rose 2% to $4.3 billion.
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Lear Corp.’s operating earnings in the third quarter surged 27% to a record $320 million as sales rose 2% to $4.3 billion. Net income climbed 29% to $140 million.
Results were positively affected by Lear’s acquisition of seat leather supplier Eagle Ottawa and negatively impacted by unfavorable exchange rates, according to the Southfield, Mich.-based global seating and electrical distribution systems company.
Lear raised its full-year guidance for operating earnings to about $3 billion from $1.2 billion. The company affirms an earlier estimate that its revenue in 2015 will total about $18.2 billion.
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