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Lear’s Quarterly Net Income Drops 47%
Lear Corp. says a decline in global vehicle output caused its fourth-quarter revenue and net income to fall 8% to $4.9 billion and 47% to $212 million, respectively.
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Lear Corp. says a decline in global vehicle output caused its fourth-quarter revenue and net income to fall 8% to $4.9 billion and 47% to $212 million, respectively.
Adjusted net income for the three-month period shrank 13% to $261 million. Still, the company notes that its rolling three-year order backlog has grown to a record $3.4 billion.
Full-year revenue advanced 3% to a record $21.1 billion. But net income dropped 12% to $1.1 billion. The company left its full-year guidance for 2019 unchanged, predicting a 7%-10% decline in adjusted net income and flat-to-slight-lower net sales.
Lear says sales by its vehicle seating operations in October-December shrank 9% to $3.7 billion. The company’s electronics and electrification business reported a 4% sales decline to $1.2 billion.
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