Southfield, Michigan -- Core operating earnings at auto supplier Lear Corp reached $243m (EUR175m) during the first quarter of 2014 – a rise of $42m on Q1 2013, the company said.
In seating, sales reached $3.2bn which was 11% higher than sales during the first quarter of 2013. For the seating segment, the company’s adjusted earnings rose by $13m, it said.
Adjusted margins were 5.5%, down slightly from a year ago, but up from the 5% margin in the fourth quarter of 2013, said the company’s chief financial officer and senior vice president Jeffrey Vanneste.
Chief executive officer Matt Simoncini said margins in the seating segment had improved from the fourth quarter of 2013 and that operating earnings had increased from a year ago too.
Simoncini added: “The increase in earnings from a year ago primarily reflects favourable operating performance, strong sales growth and the benefit of operational restructuring actions, partially offset by the impact of key program changeovers.
“Our full year margin outlook for seating remains in the 5.5% to 6% range,” he said.
Highlighting regional impacts upon the company’s finacnes, Vanneste said the company’s “major markets showed increases with China, Europe, and Africa and North America up 11%, 7%, and 6% respectively.”
He said: “Market conditions were weaker in other key emerging markets, with production declines in India, Russia, and Brazil.”
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