Lear profits slide 85.2% on US auto turmoil
Jul 31, 2008 | 03:44 PM
| Michael Cowden
Automotive seating and electronics supplier Lear Corp. has posted a 85.2-percent decline in second-quarter net income, blaming the poor showing on higher costs, lower vehicle production in North America and the prolonged strike earlier this year at Detroit-based American Axle & Manufacturing Holdings Inc.
LEAR CORP.(in thousands except per share) 200820072nd qtr. endedJune 28June 30Net sales$3,979,000$4,155,300Net income18,300123,600Per share0.231.586 months endedJune 28June 30Net sales$7,836,600$8,561,400Net income96,500173,500Per share1.232.22The Southfield, Mich.-based company reported net income of $18.3 million for the three months ended June 28 compared with $123.6 million in the same period last year on sales that slipped 4.2 percent to $3.98 billion. The drop in quarterly sales reflected a 15-percent decline in North American auto production,....
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