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MarketWatch MarketPulseAug 04, 2020
Lear swings to loss as pandemic shuts down car production, but revenue tops estimates
Lear Corp. swung to a loss in the second quarter, and said its results were "significantly impacted by the COVID-19 pandemic," which led to "unprecedented "extended shutdowns" of car industry production. The Southfield, Mich.-based maker of car seats said it had a loss of $294 million, or $4.89 a share, in the quarter, after earnings of $352 million or $2.92 a share, in the year-earlier period. The company's adjusted per-share loss came to $4.14, narrower than the FactSet consensus for a loss per share of $4.67. Sales fell to $2.4 billion from $5.0 billion, but were also ahead of the $2.2 billion FactSet consensus. "The second quarter of 2020 was one of the most challenging in our history," Chief Executive Ray Scott said in a statement. "Our business was negatively impacted by unprecedented production shutdowns in our major markets in April and May. As restrictions and closures eased, we concentrated our efforts on safely and efficiently restarting operations, managing costs, and positioning the company to take advantage of growth opportunities." Lear ended the quarter with $1.8 billion of cash and total liquidity of $2.5 billion. It is not providing guidance because of the uncertainty created by the pandemic. Shares were not yet active premarket, but have fallen 18% in the year to date, while the S&P 500 has gained 2%.

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