Southfield, Michigan – Lear, a supplier of automotive interior components including seating, released its full 2014 financial results at the end of January.
Lear sees growth in seating profits in 2014
In the final quarter of 2014, seating segment, sales were up 10% to $3.5bn, reflecting higher production on key platforms and the addition of new business, partially offset by the impact of foreign exchange, Lear said.
Adjusted segment earnings were $203 m or 5.9% of sales, in the quarter, said Lear. Earnings increased 30% from the $156m recorded in the comparable period in 2013. This is primarily reflecting the increase in sales and favourable operating performance, said the firm.
For the whole of 2014, Lear said that in its seating segment, net sales were up 11% to $13.3bn, reflecting primarily higher production on key platforms and the addition of new business.
Adjusted segment earnings were $752m or 5.7% of sales. Earnings increased by 15% compared to $653m last year, primarily reflecting the increase in sales and favourable operating performance.
Overall Lear saw sales of $4.5bn in the final quarter of 2014 up 7% compared to the same period in 2013. Core operating earnings in the quarter were $280m up 35%, the firm said.
Looking at the whole of 2014 annual sales across the business were $17.7bn up 9% on 2013, while core operating earnings were $1.05bn up 25%.
In 2015 the company is expecting: vehicle production of 17.4m units in North America, up 3% from 2014, 20.5m units in Europe & Africa, consistent with 2014, and 22.9m units in China, up 8% from 2014.