Lear has reported record second-quarter net income up 6% to US$331m and sales of US$5.6bn.
“In the second quarter, we again delivered record sales and earnings while continuing to invest in product and process capabilities and launching a number of key programmes,” said Lear president and CEO, Ray Scott.
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“With capabilities in Seating and E-Systems that are aligned with industry trends and the convergence of our two segments, we are well-positioned for future growth.
“The entire Lear team is focused on delivering operational excellence, strong cash flow and superior returns to our shareholders.”
The sales of $5.6bn were up 9% year-over-year, while excluding the impact of foreign exchange, sales increased 5%.
This increase reflects the addition of new business in both product segments, the sales impact of obtaining control of certain affiliates and the acquisition of Grupo Antolin’s seating business, partially offset by lower production volumes on key Lear platforms. Sales for Seating and E-Systems segments, were up 6% and 19%, respectively.
Also this quarter, Lear took on John Absmeier as CTO. Most recently, Absmeier was SVP and general manager of the ADAS/Autonomous business unit at Harman International and VP of Smart Machines at Samsung Electronics, where he led the acquisition of Harman by Samsung.
Absmeier joined Samsung in 2015 from Delphi, where he held various senior level positions during a 19-year career including founder and MD of Delphi Labs Silicon Valley and Autonomous Driving as well as Business Director for Electronic Controls and Electrification in Asia-Pacific for six years.
He also held several roles of increasing responsibility at Delphi in the areas of hybrid and electric vehicles, fuel cells and telematics.
