Lear: adjusted EPS halved in first quarter

(CercleFinance.com) - Automotive supplier Lear Corp.
has reported Q1 2020 adjusted EPS that was almost halved (-49%) at 2.05 dollars, with adjusted operating profit that is down 46% at 205 million dollars.

Revenue declined by 14% to 4.5 billion dollars (-12% excluding FX factors and changes in its consolidation scope), resulting from falls in production due to the Covid-19 pandemic, although this was partially offset by winning new business.

Uncertainty around the health crisis led the Michigan-based group to withdraw its annual targets at the end of March. However, it believes that it has adequate liquidity to meet its needs for the foreseeable future.


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