In the Q2, Lear Corp's corporate clients experienced a decline by -11.88 % in their costs of revenue, compared to a year ago, sequentially costs of revenue were trimmed by -15.47 %. During the corresponding time, Lear Corp recorded a revenue increase by 2.97 % year on year, sequentially revenue grew by 6.64 %. While revenue at the Lear Corp's corporate clients recorded rose by 11.66 % year on year, sequentially revenue grew by 5.3 %.
Customers of Lear Corp saw their costs of revenue decline by -11.88 % in Q2 compare to a year ago, sequentially costs of revenue were trimmed by -15.47 %, for the same period Lear Corp recorded revenue increase by 2.97 % year on year, sequentially revenue grew by 6.64 %.
Ford and General Motors, two of the largest automotive and light truck manufacturers
in the world, accounted for 23% and 20% of our net sales, respectively. In addition,
BMW accounted for approximately 10% of our net sales. We supply and have expertise
in all vehicle segments of the automotive market. Our sales content tends to
be higher on those vehicle platforms and segments which offer more features
and functionality. The popularity of particular vehicle platforms and segments
varies over time and by regional market. We expect to continue to win new business
and grow sales at a greater rate than overall automotive industry production.
Our customers award business to their suppliers in a number of ways, including
the award of complete systems, which allows suppliers either to manufacture
components internally or to purchase components from other suppliers at their
discretion. Certain of our customers also elect to award certain components
directly to component suppliers and independent of the award of the complete
system. We have been selectively expanding our component capabilities and investing
in manufacturing capacity in low-cost regions in order to maximize our participation
in such component sourcing.
Lear’s Comment on Sales, Marketing and Customers
Ford and General Motors, two of the largest automotive and light truck manufacturers
in the world, accounted for 23% and 20% of our net sales, respectively. In addition,
BMW accounted for approximately 10% of our net sales. We supply and have expertise
in all vehicle segments of the automotive market. Our sales content tends to
be higher on those vehicle platforms and segments which offer more features
and functionality. The popularity of particular vehicle platforms and segments
varies over time and by regional market. We expect to continue to win new business
and grow sales at a greater rate than overall automotive industry production.
Our customers award business to their suppliers in a number of ways, including
the award of complete systems, which allows suppliers either to manufacture
components internally or to purchase components from other suppliers at their
discretion. Certain of our customers also elect to award certain components
directly to component suppliers and independent of the award of the complete
system. We have been selectively expanding our component capabilities and investing
in manufacturing capacity in low-cost regions in order to maximize our participation
in such component sourcing.
Sources:
Lear Corp’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: Lear Corp’s corporate clients.
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