http://4wheelsnews.com/images/2010/february/lear/logo/lear_corporation_logo.jpg" alt="Lear Corporation Logo" />Lear Corp. posted a fourth-quarter profit supported by a gain linked to its emergence from bankruptcy last November and increases in auto industry production worldwide. The seating and electronics supplier said that US auto sales fell to a 27-year low in 2009 due to the economic downturn.
This stressed automakers and suppliers alike; however, industry production started to rise again in the fourth quarter in the U.S. and rose sharply in emerging markets and Europe. Lear posted net income of $1.23 billion for the fourth quarter, after a gain of $1.5 billion related to the reorganization and fresh start accounting adjustments, compared with a net loss of $688.2 million a year earlier. Lear reported an income of $115.5 million from core operating earnings in the fourth quarter. It also saw its net sales rise 5.4% to $2.74 billion. The year for Lear ended with a cash balance of $1.6 billion and less than $1 billion of debt after its bankruptcy reorganization. In 2010, Lear expects net sales of $10.2 billion to $10.7 billion and core operating earnings of $250 million to $350 million.
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