For the second quarter of 2010, Lear reported net sales up 33% to $3bn and pretax income of $182.6m, including restructuring costs and other special items of $16.3m.
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Income before interest, other (income) expense, income taxes, restructuring costs and other special items (core operating earnings) was $189.7m compared with net sales of $2.3bn, a pretax loss of $154.4m and negative core operating earnings of $52.5m in the second quarter of 2009. In the seating segment, net sales were up 30% to $2.4bn, primarily driven by the improvement in global vehicle production and favorable platform mix.
In electrical power management systems, net sales were up 46% to $631.8m, primarily driven by the improvement in global vehicle production, favourable platform mix and the addition of new business. Operating margins in both segments improved significantly, the supplier said, reflecting the increase in sales, favourable operating performance and the benefit of operational restructuring actions.
Lear expects 2010 net sales of approximately $11.0bn and core operating earnings of $450m to $500m, up $75m from previous guidance.
