Mexican Media Brands
Lear Profit Soars on Tax Benefit
Lear Corp. netted $882 million in the fourth quarter of last year compared with $107 million in the same period of 2011.
#economics
Share
Lear Corp. netted $882 million in the fourth quarter of last year compared with $107 million in the same period of 2011. Earnings were buoyed by a $739 million one-time tax benefit.
Quarterly revenue rose 2% year over year to $3.7 billion. Lear attributes the increase to stronger sales in China (+13%) and North America (+14%), which were partly offset by slumping demand in Europe (-9%).
For the full year, net income jumped to $1.3 billion from $541 million in 2011. Revenue increased 3% to 14.6 billion. Sales grew 1% to $11 billion at the company's seating business and 10% to a record $3.5 billion at its energy management systems unit.
Lear ended the year with $1.4 billion in cash and $626 million in debt.
The company confirms its 2013 sales forecast for revenue of $15 billion to $15.5 billion.
RELATED CONTENT
-
Auto vs. Tech: Guess Who Wins
Matthew Simoncini, president and CEO of Lear Corp., provided some fairly compelling figures this week at the CAR Management Briefing Seminars that show just how out-of-whack the valuations of tech companies are vis-à-vis auto companies.
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
On Headlights, Tesla's Autopilot, VW's Electric Activities and More
Seeing better when driving at night, understanding the limits of “Autopilot,” Volkswagen’s electric activities, and more.