Lear has posted third-quarter net income down 14% to US$253m with sales also falling from US$5bn to US$4.9bn.

“We again delivered strong sales and earnings results in the third quarter in the face of challenging macroeconomic conditions marked by significant volume declines, particularly in China and Europe, as well as foreign exchange volatility,” said Lear president and CEO, Ray Scott.

“We have continued to demonstrate our strong execution capabilities, and we remain excited about the opportunities that lie ahead.

“We will continue to focus on investing in profitable growth, further improving operational efficiencies and delivering superior value for our shareholders.”

Lear Corporation was founded in Detroit in 1917 as American Metal Products. Today, Lear is one of the world’s leading suppliers of automotive seating systems and electrical and electronic systems (E-Systems).

Lear content can be found on more than 400 vehicle nameplates. Lear’s products are designed, engineered and manufactured by around 165,000 employees located in 39 countries.