Automotive technology company Lear Corporation has reported its financial results for the fourth quarter and full 2022 fiscal year, reports ILM.

Lear reported that sales were up by 10% to US$5.4 billion in the fourth quarter, while it achieved sales growth over market of seven percentage points.

Net income for the period was US$118 million and adjusted net income totalled US$168 million, up from US$22 million and US$74 million in the same period of 2021.

For the full 2022 fiscal year, Lear reported a sales increase of 8% to US$20.9 billion, and sales growth over market of five percentage points. Net income for the full year was US$328 million and adjusted net income totalled US$523 million, against US$374 million and US$480 million in 2021. Lear includes the former Eagle Ottawa as its leather manufacturing division.

Global vehicle production in the fourth quarter was up by 2%, while North America saw an increase of 8%, Europe of 5% and China dropped by 5%. In 2022 as a whole, global vehicle production was up by 7% year-on-year, with North America up by 10%, Europe down 1% and China up 8%.

Looking forward, the company forecasts net sales in the range of US$21.2-22.2 billion for the full 2023 financial year, assuming that global industrial production is 1% higher than in 2022.

“Lear continued its positive momentum, with our fifth consecutive quarter of improving adjusted operating margins,” said Ray Scott, Lear’s President and Chief Executive Officer.

“In Seating, we won significant conquest awards, and in E-Systems, we announced a new dedicated plant in Michigan to supply battery disconnect units to General Motors. Sales in both business segments once again outpaced market growth rates. And cash flow exceeded the high end of our guidance range, reflecting early benefits from our Lear Forward plan. Despite modest growth expected in 2023 production volumes, we are projecting another year of increased revenue, earnings and cash flow.”