Southfield, Michigan — Lear Corporation, which makes automotive seating, returned record results for the first quarter of 2018.
Lear has record quarter in Q1 2018
In the quarter, sales were $5.7 bn, up 15% from the 2017 quarter, and net income was $354 m, up 16% from the same time last year.
'In the first quarter, we again delivered record financial results,’ said Matt Simoncini, Lear’s president and CEO. He added, ‘We are launching many new programmes. In seating, we have 145 launches, 70% of which are on high-content crossovers, SUVs and pickups.’
Lear said that its order backlog up to 2020 is $3.2bn, a record.
The company also said it is increasing its full year 2018 financial outlook for sales to between $21.8 bn and $22 bn. Earnings are likely to be up around $40m.
This outlook is based on a global industry production assumption of 95.7m vehicles, up 3% from 2017. This breaks down as 17.2 units in North America up 1%; 23m in Europe and Africa, up 2%; and 27m units in China, up 3%.