SOUTHFIELD, Mich. -- Lear Corp., global supplier of automotive seating and electrical power management systems, has reported financial results for the fourth quarter and full year of 2009.

The company said operational restructuring significantly reduced structural costs and improved Lear's global production footprint. The financial restructuring has reduced total debt obligations, increased financial flexibility and strengthened Lear's balance sheet

For the fourth quarter of 2009, Lear reported net sales of $2.7 billion and pretax income of $1.2 million, including a gain related to reorganization items and fresh start accounting adjustments of $1.5 million, a goodwill impairment charge of $319 million and restructuring costs of $59.3 million.  

For the full year 2009, Lear reported net sales of $9.7 billion and pretax income of $832 million, including a gain related to reorganization items and fresh start accounting adjustments of $1.5 million, a goodwill impairment charge of $319 million and restructuring costs of $160 million.  

Core operating earnings were $106.8 million in 2009. This compares with net sales of $13.6 billion, a pretax loss of $578.6 million, including a goodwill impairment charge of $530 million, and core operating earnings of $418.4 million in 2008.

The decline in net sales for the full year primarily reflects a significant reduction in production in North America and Europe and unfavorable foreign exchange, according to the company. The decline in core operating earnings reflects the decline in net sales offset in part by favorable cost performance, including the benefit of operational restructuring actions.

Lear expects 2010 global net sales in the range of $10.2 billion to $10.7 billion. The company anticipates 2010 core operating earnings of $250 million to $350 million. Operational restructuring costs in 2010 are estimated to be about $110 million.