Lear Corp. took a $27 million net income loss on declined sales in the third quarter as supply chain issues and slowed auto production continue to hurt the Southfield-based seating supplier.
Lear's sales decreased 13 percent year-over-year to $4.3 billion, the company said in its earnings report Tuesday. Adjusted net income was $32 million, compared with adjusted net income of $225 million and net income of $174 million in the same period last year.
The company lowered its full-year outlook to a sales range of $18.8 billion-$19.2 billion, compared with $19.7 billion-$20.5 billion projected in August. It had revenue of $17.05 billion in 2020 and $19.81 billion in 2019. It reported net income of $175 million last quarter.
Despite the financial hits, Lear reported sales growth over market of 9 percentage points. President and CEO Ray Scott assured investors the company is well-positioned to recover.