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.
“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.”
