Lear Declares Quarterly Cash Dividend and Extends Share Repurchase Authorization

Rhea-AI Summary

Lear Corporation (NYSE: LEA) announced a quarterly cash dividend of $0.77 per share, payable on June 29, 2022, to shareholders of record by June 10, 2022. The company's Board also approved a two-year extension of its share repurchase program until December 31, 2024, with approximately $1.3 billion remaining under this authorization. Since 2011, Lear has returned about $5.9 billion to shareholders, repurchasing around 50% of its shares outstanding at program inception.

Positive

• Quarterly cash dividend of $0.77 enhances shareholder value.
• Extension of share repurchase program reflects confidence in company's financial health.
• Approximately $1.3 billion available under buyback authorization supports future stock price stability.

Negative

• None.

SOUTHFIELD, Mich., May 19, 2022 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that its Board of Directors has declared a quarterly cash dividend of $0.77 per share on the Company's common stock.  The dividend is payable on June 29, 2022 to shareholders of record at the close of business on June 10, 2022.

In addition, the Board of Directors has authorized a two-year extension of the Company's share repurchase authorization to December 31, 2024.  At the end of the first quarter of 2022, Lear had approximately $1.3 billion remaining under its share repurchase authorization.  Since the Company began its share repurchase and dividend programs in 2011, Lear has returned approximately $5.9 billion to shareholders, including the repurchase of approximately 50% of the Company's shares outstanding as of the commencement of its share repurchase program.

Lear may implement share repurchases through a variety of methods, including open market purchases, accelerated share repurchase programs and structured repurchase transactions.  The timing and amount of any share repurchases will be determined based on prevailing financial, market and industry conditions.                                              

About Lear Corporation

Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear's diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks 179 on the Fortune 500. Further information about Lear is available at lear.com or on Twitter @LearCorporation.

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SOURCE Lear Corporation

FAQ

What is the dividend amount declared by Lear Corporation in May 2022?

Lear Corporation declared a quarterly cash dividend of $0.77 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on June 29, 2022, to shareholders of record by June 10, 2022.

What is the duration of the extended share repurchase authorization for Lear Corporation?

The share repurchase authorization has been extended for two years, until December 31, 2024.

How much capital does Lear Corporation have available for share repurchases?

At the end of the first quarter of 2022, Lear had approximately $1.3 billion remaining under its share repurchase authorization.

How much has Lear Corporation returned to shareholders since 2011?

Lear Corporation has returned approximately $5.9 billion to shareholders since 2011.