Third largest US automotive parts maker Lear Corporation boosted quarterly earnings 12% on new business and the strong euro, according to Reuters.
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The car interiors maker reportedly said fourth-quarter net income climbed to $US132.4 million, or $1.90 a share, from $118 million, or $1.76 a share, a year ago.
Lear also said a lower income tax rate and lower interest expense also drove earnings growth as fourth-quarter sales increased to $4.26 billion from $3.76 billion, Reuters added.
Lear, based in Southfield, Michigan, and a maker of automotive seats, interior trim and electrical systems gained from the popularity of sport utility vehicles that offer more seating and from a general trend toward upgrading automotive interiors, the report noted.
Lear reportedly said it expects first-quarter net income in the range of $1.10 to $1.20 a share on sales growth of 10% to 12% and the projection includes expenses for facility consolidation.
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By GlobalDataA Lear spokeswoman told Reuters that the company spent $37 million in the fourth quarter to improve plant efficiency and reduce production capacity, and expects to spend another $45 million in the first half of 2004.
Lear also confirmed its forecast for 2004 earnings in the range of $5.85 to $6.25 a share on sales of $16.2 billion, the report added.
