WDET News
- Lear Posts Improved Profits
-
Apr 30, 2008Automotive & Business
Lear Corporation is reporting improved profits for the first quarter of this year. WDET’s Jerome Vaughn has more.
SOQ
Lear earned $78.2 million between the beginning of January and the end of March. That compares to just under $50 million in the same period of 2007.
The results, which work out to a dollar a share, far exceeded Wall Street analysts’ average expectations of 48 cents per share.
Revenues for the Southfield based auto parts supplier fell to $3.86 billion. That’s down 12 percent from year ago figures. Lear officials say they’re facing significant challenges in the North American market, where sales dropped 35 percent in the first quarter.
Sales outside of North America continue to grow, especially in Asia where Lear touts its “low-cost” operations. The company recently opened a new a new seat trim plant in Vietnam and a new foam facility in China.