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February 1, 2011

US: Lear Q4 operating profit up 30%

Lear Corporation reported fourth quarter sales of $3.2bn, up 15% from a year ago and operating earnings of $150m, up 30%. Earnings per share was $2.38.

Lear Corporation reported fourth quarter sales of $3.2bn, up 15% from a year ago and operating earnings of $150m, up 30%. Earnings per share was $2.38.

Full year sales rose 23% to $12.0bn and operating earnings were $627m ($8.83 a share).

In the fourth quarter, global industry production improved 9% from a year ago, reflecting primarily growth in the emerging markets and industry recovery in North America, Lear said. For the full year, global industry production increased 25% to a record 71.5m vehicles, reflecting industry recovery in North America and Europe and continued rapid growth in the emerging markets.

Lear expects 2011 net sales in the range of $12.6 to $13.0bn and core operating earnings of $700 to $740m.

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