Automotive interior specialist Lear Corporation has posted a net loss of $750.1 million for the third quarter of 2005, compared with net income of $91.7 million a year ago.
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Net sales were $4.0 billion compared to $3.9 billion in Q3 2004.
The company said the increase in net sales from the prior year reflected the addition of new business globally, largely offset by lower production on high-content Lear platforms in North America.
Operating performance was down sharply, reflecting the adverse platform mix in North America, as key Lear models changed over and production of high-content SUVs and pickups declined, as well as continuing cost pressures throughout the supply chain.
“At the same time that we are transitioning a significant portion of our North American business, industry conditions continue to be very difficult,” said Lear chairman and CEO Bob Rossiter.
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By GlobalDataLear announced global restructuring earlier this year. It has has implemented aggressive cost reduction initiatives, established its interior product segment as a stand-alone unit and announced a framework agreement for a joint venture with WL Ross & Co for the interior product segment.
Lear declined to give formal financial guidance for the fourth quarter, saying “a number of significant uncertainties are impacting the outlook”.
