Southfield, Michigan - Lear Corp. has posted third-quarter sales of £3500 million, up 23 percent from the same period in 2010. Operating earnings were up 19 percent at $178 million, the automotive seating supplier said in its 28 Oct results report.
Lear said this was its ninth consecutive quarter of year-on-year earnings improvement.
In the seating segment, sales were up 22 percent to $2700 million, which Lear said was primarily due to the addition of new business, the positive impact of foreign exchange and increased production on key platforms. Earnings in this business increased from Q3 2010, Lear said.
Our positive momentum continued in the third quarter as our sales increased at a faster pace than industry production," said Matt Simoncini, Lear ceo. "We are continuing to invest in strengthening and growing our core businesses with an emphasis on increasing our component capabilities in emerging markets."
Lear said it predicted 2011 net sales in the range of $13 800 to $14 100 million, up from its prior outlook, primarily reflecting higher industry production. It increased its outlook for core operating earnings to $760-$790 million.