Lear’s Q1 sales drops 14% y/y to USD4.5 billion

COVID-19 pandemic reduced Lear’s first quarter net sales by USD900 million and core operating earnings by USD200 million

Lear’s net sales declined 14% y/y to USD4.5 billion in the first quarter ended 31 March 2020, the company said in a press release on 8 May. Excluding the impact of foreign exchange and acquisitions, the company’s sales declined 12%. The company recorded 46% y/y drop in core operating income to USD205 million resulting on operating margin of 4.6% compared with 7.3% in the first quarter of 2019. Lear’s net income declined 60% y/y to USD76.4 million.