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Lear Profit Slides 14%
Lear Corp. reported net income of $134 million in the January-March period of 2012 compared with $156 million a year earlier.
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Lear Corp. reported net income of $134 million in the January-March period of 2012 compared with $156 million a year earlier. Revenue rose 4% to $3.6 billion.
The company's operating earnings slid 6% to $187 million. Lear says earnings were nicked by higher development costs and an 8% drop to $1.4 billion in European revenue.
The company's sales jumped 15% to $1.4 billion in North America and 13% to $574 million in Asia.
By division, revenue rose 3% to $2.8 billion at Lear's seating unit, and operating earnings advanced 6% to $830 million at its electrical systems business.
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