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August 06, 2020 02:09 PM

Lear profits down 30% in H1 2020

Utech Staff
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    Southfield, Michigan — Lear, the automotive interiors and seating company, generated $6.9bn sales in the first half of 2020. This is a fall of 32% compared with the same period in 2019.

    Scott: business got better as Q2 progressed

    The company made a core operating loss of $43m in the first half of 2020. In same period in the previous year, the figure was $730m.

    Looking across the company as a whole, CEO Ray Scott said: 'The second quarter of 2020 was one of the most challenging in our history. Our business was negatively impacted by unprecedented production shutdowns in our major markets in April and May.'

    Sales in the company's seating business subsided by 34% between the first half of 2019 and 2020, to $5.1bn. Adjusted earnings in the division declined by 85% to $99m.

    It was not all bad news for the business in the quarter, however. As Scott explained: 'We saw weekly improvements in capacity utilisation and in our business performance throughout the month of June. We also had another quarter of strong business wins, including additional conquest [new] business in seating.'

    Lear numbers H1 2020 ($ m)
    2020 2019 Change %
    Sales 6902 10167 -32.1%
    Core Operating Earnings -43 730 NM
    Margin % NM 7.2%
    Seating
    Sales 5121 7753 -33.9%
    Adjusted earnings 99 662 -85.0%
    Margin % 1.9% 8.5%
    Source: Lear, NM = not meaningful
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