Lear’s Q3 net income declines 14.5% y/y to USD215.9 million
Company revises full-year 2019 financial guidance
Lear’s net income declined 14.5% year-over-year (y/y) to USD215.9 million in the third quarter ended 30 September 2019, the US-based automotive supplier said in a press release on 25 October. Sales dropped marginally by 1% y/y to USD4.82 billion, reflecting lower production on Lear’s platforms and net foreign exchange rate fluctuations. Excluding the impact of foreign exchange translations and the Xevo acquisition, sales remained unchanged compared with third quarter 2018. The company recorded core operating earnings of USD338 million, equivalent to 7% of sales.