Lear Corporation booked record first quarter revenue of US$6bn, an increase of 3% year on year.
The supplier said sales outperformed global industry production, driven by growth over market in e-systems of 10%.
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Net income of $110m and adjusted net income of $183m, compared to $144 million and $166 million, respectively, in the first quarter of 2023.
Operating earnings increased 6% to $280m from $263m.
Earnings per share of $1.90 and adjusted earnings per share of $3.18 compared to $2.41 and $2.78, respectively.
“Lear started 2024 strong, delivering record first quarter total company revenue and improved year over year margins in e-systems for the seventh consecutive quarter,” said president and CEO Ray Scott.
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By GlobalData“We have made substantial progress on our thermal comfort strategy, and during the quarter, initiated the validation of our first complete seat module scheduled to launch in 2026 with a global automotive manufacturer.
“In e-systems, we continue to leverage our strong relationships to diversify our customer base, leading to our second wire award with BMW.”
