Vehicle interior maker Lear Corporation reported a 22% increase in second-quarter earnings on higher sales and foreign currency gains, according to Reuters, which added that other smaller automotive suppliers reported lower profits on weak production.
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According to the news agency, Lear said its earnings grew to $US104.1 million, or $1.54 a share, from $85.5 million, or $1.27 a share, in the same period a year ago.
The company raised its full-year profit forecast to a range of $5.20 to $5.50 a share; analysts had predicted an average of $5.04 a share, according to Reuters Research.
Reuters noted that other automotive suppliers had less to cheer. Wheel supplier Superior Industries said its second-quarter earnings fell 16% while Cooper Tyre & Rubber said profits fell 67%, the report said.
According to Reuters, both cited lower North American vehicle production and Cooper Tyre also cited price concessions and higher raw material costs.
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