Southfield, Michigan - Lear Corporation saw sales up 8% to $3.9bn, with all regions showing year on year gains. Pretax income before equity income was $146m, down $13m from the same period in 2012 due to restructuring costs and special items.
In the Seating segment, net sales were up 3% to $2.9 billion, and adjusted segment earnings were $141 million or 4.8% of sales, according to documents filed with the Securities and Exchange Commission. Earnings decreased from $185.8m in the same quarter in 2012 because of lower production in Europe, and a $15.1m restructuring charges.
The impacts of key programme changeovers and increased product and facility launch costs in South America also reduced profitability.
Jeffrey Vanneste, chief financial officer and senior vice president, said profitability was in the context of a quarter, where global vehicle production was 20.4 million units, down 1% from 2012. He added that in Europe production was down 8% in the quarter. Production in North America was up 1%. Market conditions were strong in emerging markets with industry production up 12% in China and 11% in Brazil.
During the first quarter of 2013 Lear also divested its equity interest in International Automotive Components for around $50m. Lear said it had no active management of the company and did not consider it core.
Lear which recently , confirmed details of its recently announced share buyback programme.