Lear Posts Narrower-than-expected Q2 Loss

(RTTNews) - Lear Corp. (LEA), an automotive technology provider in Seating and E-Systems, reported Tuesday that its second-quarter net loss was $293.9 million, compared to net income of $182.8 million in the prior year. Loss per share was $4.89, compared to profit of $2.92 a year ago.

Adjusted net loss was $248.6 million, compared to net income of $235.8 million in the prior year. Adjusted loss per share was $4.14, compared to profit of $3.78 per share a year ago.

Sales plunged to $2.44 billion from $5.01 billion in the previous year.

On average, analysts polled by Thomson Reuters expected loss per share of $4.67 on revenues of $2.16 billion. Analysts' estimates typically exclude special items.

Lear said its second-quarter financial results were significantly impacted by the COVID-19 pandemic, which resulted in unprecedented extended shutdowns of automotive industry production. Global vehicle production declined 46 percent compared to a year ago, and, on a Lear sales-weighted basis, global vehicle production was down 55 percent.

Lear said it is not providing 2020 guidance at this time due to the uncertainty as the COVID-19 pandemic continues to evolve.