26 July 2024
26 July 2024
Core operating earnings at $302m were flat
Graeme Roberts July 25 2024
Lear achieved record quarterly revenue in Q2 2024 of US$6bn, "a modest increase" year on year.
Net income of $173m and adjusted net income of $206m compared to $169m and $198m but core operating earnings at $302m were flat.
"In the second quarter, Lear grew sales to a record level and improved year over year margins in E-Systems for the eighth consecutive quarter," said Ray Scott, president and CEO.
"Profitability was affected by an increase in warranty reserves"
Consumers and small businesses continued to struggle with high levels of debt
Under the non-exclusive licence, PowerCo can manufacture up to 40 GWh per year using QuantumScape’s tech
The number of cars sold to dealers fell by a third
Comes in the wake of hiked tariffs
Sales outperformed customer vehicle production volume by 9%
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