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November 2, 2020

Lear Q3 net income down 19% to US$174m

Lear has posted third-quarter net income down 19% to US$174m.

By Rhodri Morgan

Lear has posted third-quarter net income down 19% to US$174m.

Sales were US$4.9bn compared to US$4.8bn in the third quarter of 2019.

“The steps we took to prepare our plants to safely ramp up production following COVID-19-related shutdowns and position the company for success resulted in significantly improved third-quarter performance,” said Lear president and CEO, Ray Scott.

“Despite lower industry volumes versus a year ago, we generated operating margins near pre-COVID levels in both business segments. I am very pleased with how quickly the industry recovered and our business rebounded after the second quarter shutdowns, and, barring any COVID-19-related disruptions or a significant change in industry demand, I am optimistic our positive momentum will continue for the balance of the year.

“We will continue to focus on driving operational efficiencies, investing for long-term profitable growth, and delivering superior shareholder returns.”

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