SOUTHFIELD, Mich. — Lear Corp. today reported financial results for the first quarter of 2010 and updated its outlook for the full year of 2010.

For the first quarter of 2010, Lear reported net sales of $2.9 billion and pretax income of $80.2 million, including restructuring costs and other special items of $18 million.

In the seating segment, net sales were up 32 percent to $2.3 billion, primarily driven by the improvement in global vehicle production and favorable foreign exchange. In the electrical power management segment, net sales were up 50 percent to $625 million, primarily driven by the improvement in global vehicle production, new backlog coming on line and favorable foreign exchange. Operating margins in both segments improved significantly, reflecting the increase in sales, favorable operating performance and the benefit of operational restructuring actions.

In March, Lear issued $700 million in senior unsecured bonds and used the net proceeds, together with cash on hand, to repay in full all amounts outstanding under the term loans provided under our first lien and second lien credit facilities. The principal amounts repaid under the first and second lien term loans were $375 million and $550 million, respectively. The new bonds were issued in two equal $350 million tranches that mature in 2018 and 2020.

Lear expects 2010 global net sales of approximately $11 billion and 2010 core operating earnings of $375 million to $425 million. Operational restructuring costs in 2010 are estimated to be about $110 million.