USA: Lear posts 22% profit rise in second quarter - report
Vehicle interior maker Lear Corporation reported a 22% increase in second-quarter earnings on higher sales and foreign currency gains, according to Reuters, which added that other smaller automotive suppliers reported lower profits on weak production.
According to the news agency, Lear said its earnings grew to $US104.1 million, or $1.54 a share, from $85.5 million, or $1.27 a share, in the same period a year ago.
The company raised its full-year profit forecast to a range of $5.20 to $5.50 a share; analysts had predicted an average of $5.04 a share, according to Reuters Research.
Reuters noted that other automotive suppliers had less to cheer. Wheel supplier Superior Industries said its second-quarter earnings fell 16% while Cooper Tyre & Rubber said profits fell 67%, the report said.
According to Reuters, both cited lower North American vehicle production and Cooper Tyre also cited price concessions and higher raw material costs.