Lear has reported first quarter net income soaring from US$147m to US$248m, with sales up US$200m to US$4.7bn.
In the Seating segment, sales rose 3% to US$3.6bn, reflecting improved production volumes on key platforms and the addition of new business partially offset by the impact of foreign exchange.
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Excluding the impact of foreign exchange and commodity prices, sales increased 8%. Adjusted segment earnings were US$299m or 8.3% of sales.
Electrical segment sales were up 2% to US$1.1bn, reflecting the addition of new business and improved production volumes on key platforms partially offset by the impact of foreign exchange. Excluding the impact of foreign exchange and commodity prices, sales also increased 8%.
“Our strong results reflect the investments we have made to expand our product capabilities and improve our cost structure,” said Lear president and CEO, Matt Simoncini.
Lear adds sales in 2016 are expected to be in the range of US$18.5bn to US$19bn, consistent with its prior outlook.
Core operating earnings are forecast to be in the range of US$1.4bn to US$1.45bn up US$50m from the prior range of US$1.35bn to $1.4bn.
Free cash flow is expected to be around US$850m, up US$50m from the prior outlook.
