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With Car Production In Slow Lane, Lear Takes Different Growth Route.(A)(COMPANY IN THE NEWS)
Byline: Marilyn Alva
When the new-car boom of the 1990s slowed to a crawl last year, Lear Corp. was pushed off the fast track.
The supplier of auto interiors and parts saw first-quarter revenue slide 8% from year-ago levels, due mostly to a drop in North American business. Earningsskidded to 26 cents a share from 93 cents a year ago.
See company chart on Page A15
Part of the problem was the slumping auto industry. North American car production during the first quarter was down 17% from a year ago. Output at Lear's key customers -- Ford Motor Co., General Motors Corp. and DaimlerChrysler AG -- was off 22%, company officials say.
Less cars mean less demand for the seat systems, door panels, instrument panels and other gear in which Lear specializes.
The scene might look like a car wreck, but industry sources say it's not as bad as it seems.
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