LEAR, global auto productions slows, and the quarter turns red

During the third quarter of the current fiscal year, LEAR’s sales were of 4.825 billion USD, slightly down from the 4.891 billion reached during the same period of the previous year. Net profits reached 215.9 million USD, a significant decrement in comparison to the previously recorded 252.5 million for the period. “During the third quarter we have continued facing a challenging environment, operationally speaking, with global industrial production down by 3% on yearly base – comments Ray Scott -. Even with these difficulties, we achieved solid financial results for the quarter”. Admittedly, forecasts prepared by the sector’s operators say, as pointed out by LEAR, that “global production of automobiles during 2019 will be of 87.1 million vehicles, down 6% from 2018 and 2% from the July 2018 estimates”.

The situation

“The conditions of the automotive industry remain difficult, but we continue to focus on promoting operational efficiency and new investments that can assure a profitable and long-term growth thus bringing superior returns to our shareholders”. Even for a giant such as Lear these last three months have not been easy. The fault lies with the general unrelenting slowdown of the markets, which is added to the unstable and uncertain condition of the global geopolitical scenario. The only thing that can be done is, as stated by Lear’s president Ray Scott, to continue moving forward and to maintain a tight grip on the chosen strategy.

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