For the first quarter of 2015, Lear reported sales of $4.5bn, core operating earnings of $294m, net income of $147m and adjusted earnings per share of $2.28. This compares with sales of $4.4bn, operating income of $243m, net income of $122m and adjusted earnings per share of $1.84 for the first quarter of 2014.
In the seating segment, sales were up 8% to $3.5bn, reflecting higher production on key platforms, the acquisition of Eagle Ottawa and the addition of new business, partially offset by the impact of foreign exchange. Adjusted segment earnings were $219m or 6.3% of sales. Earnings increased 24% from last year, primarily reflecting the increase in sales, favorable operating performance and the acquisition of Eagle Ottawa.
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In the electrical segment, sales were down 9% to $1.0bn. Adjusted segment earnings were $138m or 13.3% of sales, the 22nd consecutive quarter of year over year margin improvement.
Margins in the electrical segment continued to improve, driven by an industry leading cost structure and strong operating performance.
Sales in 2015 are expected to be in the range of $18bn to $18.5bn and core operating profit in the range of $1.175bn to $1.225bin.
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