Michigan, US – Sales at seat manufacturer Lear were up to $5.8bn in the first quarter of 2023. This represents a 12% increase over the same quarter of 2022, when sales were $5.2bn. Net income of $144m was up from $44m in the 2022 quarter.
The increase in sales reflects an increase in vehicle production globally, with production up 10% in North America and 17% in Europe, but down 8% in China.
In the seating business, sales rose by 13.8% to $4.4bn, and segment earnings were up by 42.8% to $285bn.
Its outlook for 2023 remains unchanged, with full year sales predicted to be between $21.2bn and $22.2bn.
“Lear started the year strong, delivering significant increases in revenue and earnings in the first quarter compared to last year and strong growth over market in both businesses,” said Ray Scott, the company’s president and CEO. “We expect our positive momentum to continue as recent business awards and strong backlog in both business segments will continue to drive above market growth.”
The company also announced the completion of its acquisition of IG Bauerhin, which expands its capabilities in thermal comfort systems.
