Lear This Fall Revenue Leaps On New Enterprise, Tax Cuts

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DETROIT — Seating and electronics provider Lear Corp. reported sturdy quarterly revenue led by greater gross sales in Europe and Africa and the acquisition of Grupo Antolin’s seating enterprise.

The U.S. provider’s fourth-quarter revenue jumped 74 % from a yr earlier to $401 million. Income grew 16 % to $5.four billion, the corporate reported Friday.

The provider’s income from gross sales in Europe and Africa rose 29 %, whereas income from North America sources rose about 9 %.

“We accomplished the acquisition and integration of Grupo Antolin’s seating enterprise, additional strengthening our market share with key European clients and increasing our seat part capabilities,” the corporate mentioned in an announcement.

The provider additionally closed on the acquisition of EXO Applied sciences, an Israeli GPS know-how agency, strengthening its connected-vehicle programs.

In the course of the quarter, working earnings rose 14 % to a document $441 million, Lear mentioned.

“We’re within the strongest general aggressive place in our historical past,” retiring Lear CEO Matt Simoncini mentioned in an announcement. “Our whole return to shareholders final yr was 35%. Over the past 5 years, we’ve delivered a complete return to our shareholders of roughly 300%, nearly 3 times the return of the S&P 500.”

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