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Lear’s Fourth-Quarter Income Drops 10%
Automotive seating supplier Lear Corp. reports that improved fourth-quarter sales in 2015 were eroded by higher costs that helped cut net income 10% to $235 million.
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Automotive seating supplier Lear Corp. reports that improved fourth-quarter sales in 2015 were eroded by higher costs that helped cut net income 10% to $235 million.
But full-year operating earnings jumped 25% to $1.3 billion, and net income climbed 11% to $747 million. Revenue for the year advanced 3% to $18.2 billion. The Southfield, Mich.-based company says sales improved in North America and Asia but fell in Europe and South America.
Lear’s guidance for 2016 remains unchanged. The company expects sales between $18.5 billion and $19.0 billion, with operating earnings at about $1.4 billion.
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