Despite costs of integrating its recent acquisitions and the impact of the ongoing strikes against GM, Lear Corp. reports an 8% increase in its second-quarter earnings to $65.7 million from $61.1 million a year ago. On a per-share basis, Lear earned 96 cents for the quarter ended June 27. Excluding the effect of the GM strikes, Lear officials estimate the company would have earned $1.10 per share, or $75.3 million. Total sales rose 18% to $2.2 billion from $1.8 billion, primarily reflecting recent acquisitions. Of that sales increase, 70% of it came from operations outside the U.S. and Canada. To put the performance in perspective with the rest of the industry, Lear's second-quarter return on sales was 3%, down from 3.3% a year earlier. That compares with Ford Motor Co.'s 6.6% return on sales for the same period, Chrysler Corp.'s 5.9% and GM's 1.2%. Separately, Lear signs an agreement with the Portuguese government under which it will establish an automotive seat trim manufacturing plant near Lisbon that could employ about 4,000 by the year 2000.
Despite costs of integrating its recent acquisitions and the impact of the ongoing strikes against GM, Lear Corp. reports an 8% increase in its second-quarter earnings to $65.7 million from $61.1 million a year ago. On a per-share basis, Lear earned 96 cents for the quarter ended June 27. Excluding the effect of the GM strikes, Lear officials estimate the company would have earned $1.10 per share,
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