Lear Reports Lower Third-Quarter Results.(Brief Article)(Statistical Data Included)

For the third quarter, Lear posted net sales of $3.1 billion, operating income of $137.5 million and net income of $15.7 million, or $0.24 per share. Excluding non-recurring items, Lear said it had net income of $23.0 million, or $0.35 per share. Earnings per share, excluding non-recurring items, were $0.35 versus $0.59 in the third quarter of 2000, due to the negative impact of lower production levels, unscheduled customer downtime and an overall deterioration of general economic conditions, the company said.

Net sales for the quarter were essentially flat at $3.1 billion as compared to last year's third quarter. The impact of lower North American production volumes was offset by new business and higher content-per-vehicle, the company said.

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