UPDATE 1-Lear profit drops, 2008 forecast is cut

Newswire

(Adds details on outlook revisions) DETROIT, July 29 (Reuters) - Auto parts maker Lear Corp posted a steep drop in quarterly profit on Tuesday due to sharply lower vehicle production in North America, and cut its 2008 financial forecast. Lear, which has stepped up restructuring in response to the auto production cuts, lowered its 2008 sales forecast to $15 billion from $15.5 billion. It cut its forecast for core operating earnings to a range of $550 million to $600 million, from $600 ...

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