Lear Corporation grows and buys. The US multinational closed the first quarter of 2024 at USD 6 billion, up 3% compared to the same period in 2023. The figure marks a record for Lear, which announced plans to acquire WIP Industrial Automation.
USD 6 billion
A record quarter for Lear Corporation, a major player in automotive interiors and – more generally – components. The US group recorded revenues of USD 6 billion in the period from January to March 2024. Looking ahead, the company expects revenues of between USD 24 billion and USD 24.6 billion for the full financial year 2024, with operating profits of USD 1.13 billion to USD 1.16 billion. “Lear is off to a great start in 2024, reporting a record total corporate revenues in the first quarter. And improving year-on-year margins in E-Systems for the seventh consecutive quarter”, commented CEO Ray Scott.
From record to acquisition
Lear Corporation announced on Thursday 2 May 2024, its intention to acquire WIP Industrial Automation. This is a Spanish company known for advanced industrial automation solutions. The deal is expected to be completed by the third quarter of 2024. According to investing.com, which published the news, with increased revenues in 2023 and the first quarter of 2024, Lear Corporation has demonstrated a remarkable ability to effectively expand its business. Margins, however, remain weak.
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