
SOUTHFIELD—Lear Corp. (NYSE: LEA), the Southfield-based manufacturer of automotive seating and economics, reported net income of $175.2 million or $2.89 a share in the fiscal quarter ended July 3, compared to a loss of $293.9 million or $4.89 a share in the same quarter a year earlier.
Revenue was $4.76 billion, up from $2.44 billion a year earlier.
For the six months, net income was $378.9 million or $2.89 a share, compared to a loss of $293.9 million or $4.89 a share a year earlier. Revenue was $10.12 billion, up from $6.9 billion a year earlier.
The company said that while global vehicle production increased significantly from a year ago, industry volumes declined 9 percent in the second quarter of 2021 compared to the first quarter. Second quarter 2020 industry production was negatively impacted by extended pandemic-related shutdowns, and second quarter 2021 industry production was impacted by component shortages, particularly those related to semiconductors.
“As expected, the second quarter was very challenging, given semiconductor supply issues that impacted the auto industry and led to significant production disruptions,” said Ray Scott, Lear’s president and CEO. “I am especially proud of the Lear operating team for successfully navigating the challenging environment, supporting our customers’ production, and delivering solid financial results. In addition, the investments we have made in innovation and technology have resulted in exciting new business wins on high content electric vehicles in both business segments. Industry demand remains extremely strong, and I’m confident that Lear will deliver profitable growth and sustained shareholder returns as the industry recovers from these unprecedented component shortages.”
During the second quarter of 2021, Lear resumed its share repurchase program after suspending it during the pandemic, buying 169,814 shares of stock for a total of $31.2 million.
The company predicted full year 2021 sales of $19.7 billion to $20.5 billion, and adjusted earnings before interest, taxes, depreciation and amortization of $1.48 billion to $1.67 billion.
To listen to a replay of a conference call discussing these results, visit ir.lear.com.