USA: Lear Reports Impact of Currency Exchange Rates and Production Cuts
Lear Corporation (NYSE: LEA - news) today reported that the further weakening of the euro and a stronger than anticipated Mexican peso, as well as the previously announced Ford Explorer and Ranger production cuts, will have an adverse impact on the company's earnings. These items are expected to reduce earnings by approximately $0.18 per share in the second half of 2000. Lear believes that there is limited potential for more favorable exchange rates and recovery of lost units before year-end.
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