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Lear Corporation Reports Record First Quarter
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 $2.3 billion.
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 Internet: http://recherche.newsaktuell.de
Contact: Investor Relations, Derek Fiebig, +1 248-447-1624, or Media, Andrea Puchalsky, +1 248-447-1651, both Lear Corporation