Southfield, Mich. (ots-PRNewswire) - Lear Corporation (NYSE: LEA)
today reported record financial performance for the first quarter of
2000. Sales of $3.8 billion, operating income of $194 million and net
income of $62 million, or $.93 per share, are all first quarter
records for the company.
"We are very pleased with our record first quarter results, which
reflect strong internal growth as well as the benefits of our
fully-integrated acquisitions," stated Kenneth L. Way, Chairman and
Chief Executive Officer of Lear Corporation. "We are proud of the
performance of the entire Lear team, whose depth and commitment
provided the company with its twenty-fourth consecutive quarter of
year-over-year revenue growth since going public in 1994."
Way continued, "This solid financial performance, along with our
share repurchase program, demonstrate our commitment to enhancing
shareholder value. We continue to solidify our position as the
premier interior supplier with the capabilities of designing and
manufacturing complete electronically-integrated interior systems.
Our focus on providing exceptional products and innovative
technologies is evidenced by our new business backlog of over $3.3
billion, including recent electronic and complete interior wins."
Net income for the quarter ended April 1, 2000 increased 23
percent to $62.0 million, or $.93 per share, compared with $50.3
million, or $.75 per share, in the first quarter of 1999. Operating
income for the first quarter of 2000 increased 61 percent to $193.7
million, from $120.4 million in the same quarter of 1999, resulting
in operating margin improvement of better than 60 basis points.
Net sales for the quarter rose 42 percent to $3.8 billion, from
$2.7 billion in last year's first quarter. The increase was
attributable to incremental revenues from Lear's recent acquisitions,
strong internal growth and higher customer build rates.
Geographically, approximately 40 percent of the current quarter's
$1.1 billion sales increase was attributable to Lear's operations
outside of the U.S. and Canada. First quarter sales in Europe
increased $316 million, or 37 percent, to $1.2 billion, while sales
in other world regions increased $127 million, or 76 percent, to $295
million. U.S. and Canadian sales rose $675 million, or 40 percent, to
Lear Corporation, a Fortune 150 company headquartered in
Southfield, Mich., is one of the world's largest automotive
suppliers, with 1999 sales of $12.4 billion. The company's
world-class products are designed, engineered and manufactured by
approximately 120,000 employees in over 300 facilities located in 33
countries. Information about Lear and its products is available on
the Internet at http://www.lear.com
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from the anticipated results as
a result of certain risks and uncertainties, including but not
limited to general economic conditions in the markets in which Lear
operates, fluctuations in the production of vehicles for which the
Company is a supplier, labor disputes involving the Company or its
significant customers, risks associated with conducting business in
foreign countries and other risks detailed from time to time in the
Company's Securities and Exchange Commission filings.
ots Original Text Service: Lear Corporation
Contact: Investor Relations, Derek Fiebig, +1 248-447-1624, or Media,
Andrea Puchalsky, +1 248-447-1651, both Lear Corporation
Company News On-Call: http://www.prnewswire.com/comp/518304.html
fax, +1 800-758-5804, ext. 518304
Web site: http://www.lear.com
Original-Content von: Lear Corporation, übermittelt durch news aktuell