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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.