Lear Corp has forecast global sales of $US17.7bn for fiscal 2006, up from $17.1bn a year earlier.
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This would be a record sales level reflecting the addition of new business globally, but the figure is offset by unfavourable platform mix and the adverse impact of foreign exchange rates.
Lear anticipates 2006 income before interest, other expense, income taxes, impairments, restructuring costs and other special items (core operating earnings) to be in the range of $400 to $440m. This compares with $325m a year ago. Restructuring costs for 2006 are estimated to be in the $120 to $150m range.
Capital spending in 2006 is estimated at approximately $400m, down from last year’s peak level due primarily to lower launch activity.
Key assumptions underlying Lear’s financial outlook include expectations for industry vehicle production of approximately 15.7 million units in North America and 18.8m units in Europe, both down slightly from 2005. Lear said it continues to see its top 15 platforms in North America being down more than the industry average.
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