2 May 2023
Lear Corporation has reported its results for the first quarter of 2023, with sales up by 12% to US$5.8 billion, reports ILM.
The company reported sales growth over market of 6 percentage points, while Seating specifically had growth of 6 percentage points and E-Systems of 4.
Net income for the period totalled US$144 million and adjusted net income came in at US$166 million, compared to US$49 million and US$108 million in the first quarter of 2022.
Global vehicle production in the period was up by 6% year-on-year, with North America up 10%, Europe up 17% and China down 8%.
Lear noted that, on April 26, it completed the acquisition of IGB, a company producing active cooling technologies, steering wheel heating and occupant detection sensors, completing the company’s strategy to develop a portfolio of thermal comfort systems for automotive seating.
CEO and President Ray Scott said: “Lear started the year strong, delivering significant increases in revenue and earnings in the first quarter compared with last year and strong growth over market in both businesses.
“We expect our positive momentum to continue as recent business awards and strong backlog in both business segments will continue to drive above market growth. Yesterday, we completed the acquisition of IGB, which will add new product technology and scale to our growing thermal comfort systems business and further differentiate Lear as the preferred provider of automotive seating.”