Lear reports financial results for first quarter 2011

Automotive seating and electrical power-management systems supplier Lear has reported its financial results for the first quarter of 2011.

For this period, Lear reported net sales of $3.5bn (£2.1bn) and pretax income of $202.7m, including restructuring costs and other special items of $2m and diluted net income per share of $1.44.

Income before interest, income taxes, restructuring costs and other core operating earnings came to $205m and adjusted diluted net income per share was $1.46.

These figures represent an increase from first quarter 2010’s figures, which included net sales of $2.9bn, pretax income of $80.2m, core operating earnings of $138.2m and adjusted earnings per share of $0.61.