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Lear posts sales of $4.9 billion in Q3FY18

15 Nov '18

2 min read

Courtesy: Lear Corporation

Lear, a supplier of automotive seating and e-systems, has posted sales of $4.9 billion in Q3 of fiscal 2018. Excluding the impact of foreign exchange, sales were flat, reflecting lower production volumes on key Lear platforms, offset by the addition of new business in both product segments and the sales impact of obtaining control of certain affiliates.

Core operating earnings decreased $8 million to $399 million, or 8.2 per cent of sales, primarily reflecting the decrease in sales. In the seating segment, margins and adjusted margins were 8.0 per cent and 8.6 per cent of sales, respectively.

"We again delivered strong sales and earnings results in the third quarter in the face of challenging macroeconomic conditions marked by significant volume declines, particularly in China and Europe, as well as foreign exchange volatility," said Ray Scott, Lear president and chief executive officer. "We have continued to demonstrate our strong execution capabilities, and we remain excited about the opportunities that lie ahead. We will continue to focus on investing in profitable growth, further improving operational efficiencies and delivering superior value for our shareholders."

For fiscal 2018, the company expects net sales to be around $21.0 - $21.2 billion, core operating earnings to be between $1,730 - $1,750 million and adjusted EBITDA likely to be $2,230 - $2,250 million. (RR)

Fibre2Fashion News Desk – India