Southfield, Michigan — Lear, an automotive seating and components company generated sales of $1.7 bn in 2020, 14% lower than the previous financial year.
Although this was down on the year before because of the effects of coronavirus shutdowns around the world and in the automotive sector, it was offset by new business. Lear said this grew by about 6% more than the market in 2020.
Coronavirus takes 14% off Lear's top line
Scott: outperformed the industry
Despite this, the effects of coronavirus were amplified at the earnings level. Here, core operating earnings across the business fell by 53% to $614m in 2020. This compares with $1.3bn in 2019, a fall of $695m.
Sales in the company's seating business fell by 16% to $12,713m between 2019 and 2020. Adjusted segment earnings across in the division fell by 40%, to $681m in 2020.
CEO Ray Scott focused on the last quarter of 2020 in his comments on the results. He said: 'It is an exciting time in the automotive industry, as the transition to electric vehicles is accelerating, and global vehicle production volumes are growing.'
