SOUTHFIELD, MI -- Automotive interior systems supplier Lear Corp. has reported financial results for the second quarter of 2004.

For the second quarter, Lear posted record net sales of $4.3 billion and net income of $116.1 million, or $1.65 per share. These results compare to net sales of $4.1 billion and net income of $104.1 million, or $1.54 per share, for the second quarter of 2003.

Net sales rose $183 million, or 4 percent, from the comparable period last year. The net sales increase reflects primarily the addition of new business globally and the impact of foreign currency, offset in part by unfavorable vehicle production mix.

Net income per share of $1.65 in the quarter was a 7 percent improvement compared with a year earlier, reflecting the change in net sales as well as favorable operating performance, partially offset by the impact of new business development expenses and the costs associated with facility actions. The current year results also benefited from lower interest expense and a reduced overall tax rate.

For more information about Lear, go to: www.lear.com.

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