Sales grew faster than the market. '[This was] despite multiple challenges, including component shortages impacting industry production,' said CEO Ray Scott. The company estimated that global vehicle production increased by 14% compared to the first quarter of 2020.
The company’s operating margin increased because of a better mixture of car platforms served by its seating products, and also new business. 'Both of our business segments had positive operating performance, which was partly offset by premium costs related to component shortages and commodity costs,' the company said.
In the seating business, sales rose by 18.7% between the first quarter of 2020 and the first quarter of 2021, at $4bn. This compares with $3.4bn in the 2020 quarter.
Net income in the division increased 56.9% to $292m in the first quarter of 2021, up from $186m in the equivalent period in 2020.