For the fifth straight quarter, automotive Tier One supplier Lear Corp. (Southfield, MI) increased its earnings, with sales improving by 33% over the year-ago quarter to $3 billion and a profit realized. In the August 3 release of second-quarter financial results, Lear said core operating earnings had increased by $242 million to $190 million, with the three-year sales backlog up half a billion dollars to $1.9 billion and an improved full-year outlook for core operating earnings and free cash flow.
Lear said that mature markets have moved out of the distressed levels seen in 2009, while growth in emerging markets continues. By region, year-over-year vehicle production was up 73% in North America, 11% in Europe, and 24% in China. The net sales of $3.0 billion and pretax income of $182.6 million compare to net sales of $2.3 billion and a pretax loss of $154.4 million in the second quarter of 2009. By segment, seating's net sales were up 30% to $2.4 billion, while electrical power management systems' net sales rose 46% to $631.8 million. ...