Lear Corporation has posted third-quarter net income down 15% to US$216m, while sales dropped from US$4.9bn to US$4.8bn.
“In the third quarter, we continued to face a challenging operating environment, with global industry production down 3% year over year,” said Lear president and CEO, Ray Scott.
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“Despite these headwinds, we delivered solid quarterly financial results. We recognise industry conditions remain challenging, but we continue to focus on driving operational efficiencies, investing for long-term profitable growth, and delivering superior shareholder returns.”
Sales in the third quarter decreased 1% to US$4.8bn, reflecting lower production on Lear platforms and net foreign exchange rate fluctuations, partially offset by the addition of new business. Excluding the impact of foreign exchange and the Xevo acquisition, sales were flat.
Core operating earnings were US$338m, or 7% of sales, compared to US$399m, or 8.2% of sales, in 2018. In the Seating segment, margins and adjusted margins were 7.6% and 8.2% of sales, respectively, in the quarter.
In the E-Systems segment, margins and adjusted margins were 6.7% and 7.6% of sales, respectively, in the quarter.
