DETROIT -- Lear Corp. said Friday that it lost money during the second quarter, but the loss was less than the same quarter last year and sales increased.
For the second quarter ending July 1, Lear reported a net loss of $6.4 million on revenue of $4.8 billion. For the same period last year, Lear reported a net loss of $44.4 million on revenue of $4.4 billion.
Lear said sales increased mostly because of new business in Asia, which helped to offset a decline in customer production in North America and Europe.
Lear also said its second-quarter results included costs related to restructuring actions, impairments and other special items of $24 million. Last year's second-quarter results included restructuring costs of $79.5 million.
For the first six months of the year, Lear reported net income of $11.5 million on revenue of $9.5 billion. For the same period last year, Lear reported a net loss of $28.8 million on revenue of $8.7 billion.
Lear Corp. ranks No. 7 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $17.08 billion in 2005.
"Although there are many challenges facing our industry, we are taking aggressive actions to address these issues and further improve our operating results," Lear CEO Robert Rossiter said in a statement. "We will continue to be product-line focused, competitive on a global basis and dedicated to working collaboratively with our customers."
During the quarter, Lear said it was awarded several programs in China and in India. Lear said it won its first business with Tata Motors. In addition, Lear opened a joint-venture plant in Sunderland, England, with its Japanese partner Tachi-S, to support future vehicle programs with Nissan Motor Co. in Europe.
Lear also said it made progress on important strategic initiatives, including the signing of an agreement to contribute substantially all of its European interiors business to Wilbur Ross' International Automotive Components Group LLC in return for a 34 percent equity interest.
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