Lear Corporation (NYSE: LEA – news) today reported that the further weakening of the euro and a stronger than anticipated Mexican peso, as well as the previously announced Ford Explorer and Ranger production cuts, will have an adverse impact on the company’s earnings.
These items are expected to reduce earnings by approximately $0.18 per share in the second half of 2000. Lear believes that there is limited potential for more favorable exchange rates and recovery of lost units before year-end.
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Lear Corporation, a Fortune 150 company headquartered in Southfield, Mich., USA, focuses on automotive interiors and electronics and is the world’s fifth-largest automotive supplier. Sales in 1999 were $12.4 billion. The company’s world-class products are designed, engineered and manufactured by more than 120,000 employees in over 300 facilities located in 33 countries.
