DETROIT — Lear Corp. managed to churn a profit in the first quarter of 2020 despite a significant impact on production from the global COVID-19 outbreak.
The seating and electronics supplier said net income fell 67 percent to $76.4 million during the quarter while revenue fell 14 percent to $4.5 billion. COVID-19 sliced $900 million of sales in the quarter, the company said in a press release.
Lear’s China plants were closed for several weeks in the quarter due to the outbreak that started in Wuhan, China. But while its China operations were reopened by the end of the quarter, “virtually all plants” in North America, Asia (outside of China), South America and Europe were closed.
“Our first quarter financial results were significantly impacted by production disruptions stemming from the COVID-19 pandemic,” Lear CEO Ray Scott said in the press release. “Excluding the impact of COVID-19, Lear’s results reflect solid financial performance in both of our business segments. While…