Lear profits up 8% in Q2, increases full-year guidance

Sales were up 16% in Europe and Africa, 12% in North America, and 10% in China, but down 13% in South America.

Lear has posted an 8% increase in year-on-year (y/y) profits for the second quarter of 2014. Profits reached USD148.5 million on sales of USD4.6 billion (up 11% y/y). "Our record performance in the quarter reflects the investments that we have made in improving our cost structure and expanding our component capabilities globally. We are well positioned to take advantage of industry trends toward global vehicle platforms, direct component sourcing and increasing electrical content," Lear president and CEO Matt Simoncini said in a company statement.