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Lear Trims Outlook
Second-quarter sales and earnings fell for seating supplier Lear Corp., as vehicle production slowed in all its major markets.
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Second-quarter sales and earnings fell for seating supplier Lear Corp., as vehicle production slowed in all its major markets.
Revenue for the period declined 10% to $5 billion. Net income plunged 45% to $183 million. Core operating earnings fell 28% to $236 million.
The global supplier of vehicle seating lowered its full-year forecast, which assumes a continuing decline in global vehicle production. Lear now expects net sales of about $20 billion compared with its earlier forecast of more than $21 billion.
The company also anticipates its earnings before interest, taxes, depreciation and amortization will total about $1.9 billion, down from about $2.2 billion.
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