Lear Corporation has posted second quarter net sales of US$4.1bn, up 12%, with core operating earnings of US$224m, an increase of 13%.
The supplier noted in the second quarter, global vehicle production increased 3% compared to a year ago, including rises of 11% in China and 6% in North America.
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Europe and Africa industry production was up 2% compared to 12 months ago.
While Europe continued to be below trend, this was the first quarter without a year-over-year decline since the fourth quarter of 2011, said the company.
“Lear performed well in the second quarter, with sales and earnings growing faster than global industry production,” said Lear president and CEO, Matt Simoncini.
“Our strong financial position allows us to strengthen and grow our business while improving our cost structure.
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By GlobalData“We plan to maintain a balanced approach of investing in the business and returning excess cash to shareholders in order to drive shareholder value.”
