Seating and e-systems supplier Lear Corporation said third quarter 2022 sales increased 23% year on year to US$5.2bn versus $4.3bn in Q3 2021.
Net income of $92m and adjusted net income of $140m compared to a $27m loss and $32m profit, respectively, in Q3 2021.
Operating profit of $235m compared with $98m a year ago.
Earnings per share was $1.54 and adjusted earnings per share $2.33 versus negative $0.44 and positive $0.53, respectively.
Amongst the quarter’s highlights, the company won a General Motors contract to exclusively supply the battery disconnect unit (BDU) on all full size SUVs and trucks built on the automaker’s Ultium battery EV platform through 2030.
“Lear delivered improved financial results in the third quarter, reflecting higher industry volumes and our strong new business backlog,” said president and chief executive officer Ray Scott.
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“We expect further improvement in both business segments in the fourth quarter.
“We continue to win electrification awards in e-systems.”
In the third quarter, global vehicle production increased 29% with North America up 24%, Europe up 20% and China up 35%.
Global production increased on a Lear sales weighted basis by approximately 25%.