Core operating earnings were $338 million, or 7 per cent of sales, compared to $399 million, or 8.2 per cent of sales, in 2018. In the seating segment, margins and adjusted margins were 7.6 per cent and 8.2 per cent of sales, respectively, in the quarter. In the e-systems segment, margins and adjusted margins were 6.7 per cent and 7.6 per cent of sales, respectively, in the quarter.
"In the third quarter, we continued to face a challenging operating environment, with global industry production down 3 per cent year over year," said Ray Scott, Lear's president and chief executive officer. "Despite these headwinds, we delivered solid quarterly financial results. We recognise that industry conditions remain challenging, but we continue to focus on driving operational efficiencies, investing for long-term profitable growth, and delivering superior shareholder returns."
The industry volume assumptions underlying Lear's current 2019 financial outlook are derived from several sources, including internal estimates, customer production schedules, and the most recent IHS production estimates for Lear's vehicle platforms. IHS estimates 2019 global industry production to be 87.1 million vehicles, down 6 per cent from 2018, and 2 per cent from IHS' July estimate.
Lear is a global automotive technology leader in seating and electrical and electronic systems. Lear serves every major automaker in the world, and Lear content can be found on more than 400 vehicle nameplates.
Fibre2Fashion News Desk (PC)