The automotive seating and components manufacturer said its second-quarter results were significantly impacted by the Covid-19 pandemic as global vehicle production declined 46% compared with the same period in 2019.
Lear posted second-quarter 2020 sales of US$2.4 billion (-51%), compared with US$5 billion in the same quarter of 2019. Sales growth over market in the second quarter was 11% in E-Systems and 3% in Seating, or 5% overall. Net loss amounted to US$294 million in the period against a net income of US$183 million in the prior year. Core operating loss was US$248 million, compared with earnings of US$352 million in the second quarter of 2019. “The second quarter of 2020 was one of the most challenging in our history. Our business was negatively impacted by unprecedented production shutdowns in our major markets in April and May”, said Ray Scott, President and CEO, Lear. “Following the resumption of production, we saw weekly improvements in capacity utilisation and in our business performance throughout the month of June. We also had another quarter of strong business wins, including additional conquest business in Seating”, he added.
Reference:
Lear sales halve in second quarter – International Leather Maker. (n.d.). Retrieved August 07, 2020, from https://internationalleathermaker.com/news/fullstory.php/aid/8770/Lear_sales_halve_in_second_quarter.html
