Lear Reduces its 2008 Outlook for Sales and Earnings, but Still Expects to Generate Positive Free...

SOUTHFIELD, Mich., Oct. 10 /PRNewswire-FirstCall/ -- Lear Corporation , a leading global supplier of automotive seating systems, electrical distribution systems and electronics products, today announced that as a result of deteriorating and volatile industry and general economic conditions, it is reducing its full-year 2008 sales outlook from $15 billion to approximately $14 billion and now sees income before interest, other expense, income taxes, restructuring costs and other special items (core operating earnings) down about 20% from the previous guidance of $550 million to $600 million provided on July 29, 2008 based on current production estimates. Even with the lower sales and earnings forecast, Lear expects to generate positive free cash flow for the year. (Logo: http://www.newscom.com/cgi-bin/prnh/20080520/LEARCORPLOGO... [read full story]