Seating and electricals specialist Lear reported flat sales and reduced profits for the second quarter of 2012.
Sales of US$3.7bn ($3.7bn in Q2 20122), operating income of $197m ($228m), net income of $145m ($178m) and earnings per share of $1.45 ($1.65) were booked.
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Seating sales were down 2% to $2.8bn, due mainly to negative foreign exchange and operating profit was $185m for a margin of 6.6%. Increased costs reduced profits this quarter.
Electrical power management systems sales grew 7% to a quarterly record of $872m, thanks to new business, but there was a negative currency effect. Operating profit, excluding restructuring costs and other special items, were $59m and margin 6.8%. Higher sales and productivity improvements, partially offset by increased costs boosted profits.
The latest full year 2012 outlook is based on industry vehicle production of 14.9m units in North America, up 4%, and 16.7m units in Europe, down 2%. But forecasts for revenue and core operating profit were left unchanged.
See Also:
Lear expects 2012 sales of $13.9 to $14.4bn and core operating profit of $740 to $790m.
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