US: Lear unveils Q3 sales up 8% to US$4.2bn

By Simon Warburton | 27 October 2014

Lear has posted third quarter sales of US$4.2bn, up 8%, with core operating earnings of US$251m, up 22%.

"We had our best third quarter ever," said Lear president and CEO, Matt Simoncini.  "Sales grew faster than industry production and we improved our margins in both business segments on a year-over-year basis. 

"The investments we have been making to improve our cost structure, increase our component capabilities and grow and strengthen both our business segments are paying off. 

"We are continuing to win new business in both segments and in every region of the world.  As we gain market share, we remain focused on operational excellence and continuous improvement to sustain our success."

During the quarter, the company also announced an agreement to acquire Eagle Ottawa, the world's leading supplier of automotive leather.