Lear Raises Quarterly Cash Dividend to $0.50 Per Share

Rhea-AI Summary

Lear Corporation (NYSE: LEA) announced an increase in its quarterly cash dividend from $0.25 to $0.50 per share. The new dividend will be paid on September 21, 2021, to shareholders of record as of September 2, 2021. Non-Executive Chairman Gregory C. Smith highlighted the increase as a reflection of the company's strong financial performance amid tough industry conditions and reaffirmed the board's commitment to returning capital to shareholders. The company continues to prioritize shareholder value with future adjustments to the dividend dependent on industry circumstances.

Positive

• Increased quarterly cash dividend from $0.25 to $0.50 per share.
• Demonstrates Board's confidence in the company's financial strength and outlook.

Negative

• Challenging industry conditions may impact future financial performance.

SOUTHFIELD, Mich., Aug. 12, 2021 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that its Board of Directors has authorized an increase in the Company's quarterly cash dividend on the Company's common stock from $0.25 to $0.50 per share. The dividend is payable on September 21, 2021, to shareholders of record at the close of business on September 2, 2021.

"We are pleased to announce an increase in our quarterly cash dividend, reflecting our strong financial performance despite challenging industry conditions," said Gregory C. Smith, Lear's Non-Executive Chairman. "The dividend increase is a reflection of the Board's confidence in the Company's financial strength and outlook, as well as our continued commitment to returning capital to shareholders. The Board will consider additional adjustments to the dividend, depending on 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 new quarterly cash dividend for Lear Corporation (LEA)?

The new quarterly cash dividend for Lear Corporation is $0.50 per share.

When will the new dividend for Lear Corporation be paid?

The new dividend will be paid on September 21, 2021.

What is the record date for Lear Corporation's dividend?

The record date for Lear Corporation's dividend is September 2, 2021.

Why did Lear Corporation increase its dividend?

Lear Corporation increased its dividend due to strong financial performance and the Board's confidence in the company's outlook.