Southfield, Michigan – Sales at Lear, the automotive seating giant, increased slightly in the third quarter of 2020 to about $4.9bn. Core operating earnings across the business fell by 3.3% to $327.2m in the quarter.
Lear Q3 sales flat in 2020
CEO Ray Scott said: 'Despite lower industry volumes, we generated operating margins near pre-coronavirus levels. I am very pleased with how quickly the industry recovered and our business rebounded after the second quarter shutdowns.'
He added that, if things stay on course, he is optimistic that the positive momentum will continue for the rest of the year.
In the company's seating business, sales declined by 0.6% between the third quarter of 2019 and the third quarter of 2020, to just under $3.7bn.
Core operating earnings in the division fell by 5.7% to $286.3m in the quarter. This compares with $303.5m in the equivalent period in 2019.
While the coronavirus pandemic hit selling prices and volumes, and restructuring added to costs, these numbers were offset to some degree by new business, the company added.