Lear has announced strong Q4 earnings that beat expectations, boosted by higher automotive production globally. Higher volumes in North America more than offset declines in Europe.
The company said that core operating earnings were up 8% on record sales. For the full year 2012, sales also hit a new record and it managed an adjusted margin of 7.3%, up from 5.9% the previous year.
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“Lear reported strong financial results in the fourth quarter with year-over-year improvements in sales, earnings and free cash flow,” said Matt Simoncini, Lear’s president and chief executive officer. “For the full year, we achieved our third consecutive year of higher sales and earnings per share. We continue to win new business globally and expect to benefit from the investments that we are making in component capabilities and the emerging markets.”
