Global automotive production increased by 25% in 2010 over 2009 to a record 71.5 million vehicles, with Tier One suppliers like Lear (Southfield, MI) reaping the financial benefits. In a Feb. 1 statement of its fourth-quarter and full-year 2010 results, Lear reported that for the final three months of 2010, its earnings were up 30% over 2009 levels, with sales of $3.2 billion some 15% higher than the year-ago quarter.
The rise in core operating earnings reflected the sixth consecutive quarter of year-over-year improvement, and for the full-year of 2010, net sales climbed 23% to $12 billion, with earnings of $627 million posted.
Lear said that global industry production improved 9% in the fourth quarter of 2010 over the same period in 2009, primarily reflecting growth in emerging markets and industry recovery in North America. "2010 marked a year of recovery in our mature markets; however, industry production in North America and Europe remains below historical levels," Bob Rossiter, Lear's CEO and president, said in a statement....