However, the company did manage to record a profit of $27 million, gaining a pre tax income of $45.1 million, compared to pre tax losses totaling $645 million in 2006.
In the seating segment, operating margins remained the same year-on-year thanks to "favourable cost performance from restructuring and ongoing efficiency actions, selective vertical integration and the benefit of new business globally, offset by unfavorable platform mix in North America," said Lear, in a 31 Jan statement.
Total income, including restructuring costs and other items was $94.9 million.
"We have been successful in restructuring our operations to achieve improved financial results at lower production levels," said Lear chairman, ceo and president, Bob Rossiter, in the statement.
Rossiter added that Lear will now focus on "profitably growing and further improving the long-term competitiveness of our seating and electrical and electronic businesses."
Lear said that it expects to report net sales of around $15000 million in 2008, due to new business globally and the positive impact of the foreign exchange.
The company estimates that its pretax income, before restructuring costs and other special items, will be between $430 and $470 million.
Lear is expected to allocate between $180 and $195 million on capital expenditure in 2008. (ss)
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