Southfield, Michigan -- Tier 1 auto seating supplier Lear Corp announced increased sales during Q2, 2014 in its latest SEC filing report.
Net sales in Q2, 2014 were $4.6bn compared to $4.1bn in the second quarter of 2013 - an increase of $472m or 11%. In the seating segment, net sales were $3.4bn in Q2, 2014 compared to $3.1bn for Q2, 2013 - an increase of 12%.
Seating segment earnings include restructuring costs, $164m in Q2, 2014 compared to $167m in Q2, 2013, the report said.
The company, which also supplies electronics to the auto industry, is one of few fully integrated seating manufacturers in the world. Currently, Lear’s US Selma plant is under Occupational Health and Safety Association (OSHA) investigation following allegations of workers being exposed to TDI, a component of foam seating systems. Lear Corp is working with OSHA to investigate the claim.
As previously reported at UTECH-polyurethane.com, Lear denies staff are at risk of asthma from its production processes.
The 25 July report said overall gross profit during this year’s Q2 stood at $379m, 8.2% higher than the $338m profit made by the company in Q2, 2013.
Automobile production worldwide has already reached 43.1m units this year, said the report.
It continued: “North American industry production increased 4% from levels a year ago with 8.6m units produced. In Europe and Africa, 10.7m units have been produced this year, which represents a 5% rise on production levels recorded a year ago,” despite 2014 figures being “historically lower” in the region, said the report.
Production in Asia increased 5% (21.5m units in 2014), in South America, however, industry production went down 17% (to 1.8m units) on mid-2013 levels, the report said.
Sales in Europe and Africa accounted for approximately 40% and sales in North America accounted for approximately 37% of Lear Corp’s net sales in the first half of 2014, said the report.
