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Lear Corp. Latest Auto Player To Announce Lower Earnings

Compiled From BridgeNews Auto interiors manufacturer Lear Corp. is the latest U.S. auto industry company to announce it expects a slowdown in North American vehicle production to affect revenues. Southfield, Mich.-based Lear announced it anticipates fourth-quarter earnings of $1.35 a share for the quarter and $4.20 a share for the year. Analysts expected the company to earn $1.33 a share for the quarter and $4.18 a share for the year. In the past two weeks several major North American automobile companies have signaled that the industry will face a slowdown in 2001:

  • DaimlerChrysler AG warned that its Chrysler division could post a $1.2 billion loss in the fourth quarter.
  • In a major restructuring exercise, General Motors scrapped its Oldsmobile division, cut European operations, and slashed about 4% of its workforce. The company also warned of lower than expected fourth-quarter earnings.
  • Following production cutbacks at General Motors Corp., auto parts supplier Delphi Automotive Systems Corp. lowered its earnings forecasts and said it would close or sell operations in order to absorb the blow from the GM move.
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