Lear Reports Fourth Quarter and Full Year 2021 Results and Provides Full Year 2022 Outlook
Lear Corporation (NYSE: LEA) reported a 7% decline in Q4 2021 sales to $4.9 billion, impacted by semiconductor shortages, leading to net income of $22 million. For the full year, sales rose 13% to $19.3 billion with net income up to $374 million. Adjusted EPS decreased significantly in Q4 to $1.22 from $3.66, reflecting lower production and higher commodity costs. The company issued $700 million in senior notes to support an acquisition and has a strong backlog of $3.3 billion for 2022-2024. Lear forecasts 2022 net sales of $20.8-$22.3 billion, showing optimism despite ongoing market uncertainties.
- Sales increased 13% in 2021 to $19.3 billion.
- Net income rose to $374 million for the full year.
- Strong backlog of $3.3 billion for 2022-2024 supports growth.
- Increased quarterly dividend to $0.77 per share, restoring pre-pandemic levels.
- Q4 sales decreased 7% to $4.9 billion, down from $5.2 billion.
- Q4 net income fell to $22 million from $202 million.
- Adjusted EPS dropped to $1.22 from $3.66 in Q4 2020.
- Ongoing uncertainties due to semiconductor shortages and pandemic effects.
SOUTHFIELD, Mich., Feb. 8, 2022 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today reported results for the fourth quarter and full year 2021 and provided its financial outlook for the full year 2022.
Fourth Quarter 2021 Financial Highlights
- Sales growth over market of 6 percentage points
- Sales decreased
7% to$4.9 billion , compared to$5.2 billion in the fourth quarter of 2020, reflecting global vehicle production declines related to the worldwide semiconductor shortage - Net income of
$22 million and adjusted net income of$74 million , compared to$202 million and$221 million , respectively, in the fourth quarter of 2020 - Core operating earnings of
$158 million , compared to$330 million in the fourth quarter of 2020 - Earnings per share of
$0.36 and adjusted earnings per share of$1.22 , compared to$3.33 and$3.66 , respectively, in the fourth quarter of 2020 - Issued
$700 million of senior notes to extend debt maturity profile and finance pending Kongsberg Interior Comfort acquisition - Increased quarterly cash dividend to pre-pandemic level of
$0.77 per share
Full Year 2021 Highlights
- Sales growth over market of 8 percentage points, with Seating growth over market of 9 percentage points and E-Systems growth over market of 5 percentage points
- Seating market share increased from
23% to25% - Sales increased
13% to$19.3 billion , compared to$17.0 billion for the full year 2020 - Net income of
$374 million and adjusted net income of$480 million , compared to$159 million and$322 million , respectively, for the full year 2020 - Core operating earnings increased
35% to$826 million , compared to$614 million for the full year 2020 - Earnings per share of
$6.19 and adjusted earnings per share of$7.94 , compared to$2.62 and$5.33 , respectively, in the full year 2020 $3.3 billion backlog for 2022-2024 supports continued growth over market in Seating and E-Systems, driven by both conquest awards and the benefits of our growing electrification business- Net cash provided by operating activities of
$670 million and free cash flow of$85 million , compared to$663 million and$211 million , respectively for the full year 2020 - Returned
$207 million of cash to shareholders through dividends and share repurchases - Cash and cash equivalents at year-end of
$1.3 billion and total liquidity of$3.3 billion
"Lear finished the year with better than anticipated sales and earnings, reflecting improving industry conditions at the end of 2021," said Ray Scott, Lear's President and Chief Executive Officer. "While we expect industry production volumes to improve in 2022, we are still facing uncertainties related to the COVID-19 pandemic, semiconductor shortages and inflationary pressures. I remain optimistic about Lear's prospects as we have a very strong backlog of new business launching over the next three years. In addition, consumer demand remains extremely robust and industry inventory levels remain historically low, indicating that the auto industry is primed for a sustained recovery in production volumes. I am confident the strategic actions we are taking in both business segments will deliver profitable sales growth and superior value for our shareholders."
Fourth Quarter Financial Results
(in millions, except per share amounts)
2021 | 2020 | ||
Reported | |||
Sales | |||
Net income | |||
Earnings per share | |||
Adjusted(1) | |||
Core operating earnings | |||
Adjusted net income | |||
Adjusted earnings per share |
In the fourth quarter, global vehicle production decreased
Sales in the fourth quarter decreased
Core operating earnings were
Earnings per share were
Full Year Financial Results
(in millions, except per share amounts)
2021 | 2020 | ||
Reported | |||
Sales | |||
Net income | |||
Earnings per share | |||
Adjusted(1) | |||
Core operating earnings | |||
Adjusted net income | |||
Adjusted earnings per share |
Global vehicle production was significantly impacted by the COVID-19 pandemic and global semiconductor shortages in 2021. Global vehicle production increased by
Sales for the full year increased
Core operating earnings were
Earnings per share were
For the full year of 2021, net cash provided by operating activities was
(1) For more information regarding our non-GAAP financial measures, see "Non-GAAP Financial Information" below.
(2) The production change on a Lear sales-weighted basis is calculated using Lear's prior year regional sales mix and fourth quarter fiscal calendar. Management believes this provides a more meaningful comparison of the Company's global revenue growth relative to global vehicle production.
Balance Sheet, Liquidity and Capital Allocation
During the fourth quarter of 2021, we took several steps to enhance liquidity and improve our debt maturity profile. In late October, the Company entered into an amended and restated credit agreement to increase the size of its revolving credit facility to
In November of 2021, Lear increased its quarterly dividend from
2022 Financial Outlook
At the midpoint of our guidance range, we have assumed that global industry production will be
Our 2022 financial outlook is summarized below:
Full Year 2022 Outlook | |||
Net Sales | |||
Core Operating Earnings | |||
Adjusted EBITDA | |||
Restructuring Costs | ≈ | ||
Capital Spending | |||
Free Cash Flow |
The financial outlook is based on a full year average exchange rate of
Certain of the forward-looking financial measures above are provided on a non-GAAP basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.
2022-2024 Sales Backlog
The consolidated three-year sales backlog is
Fourth Quarter and Full Year 2021 Conference Call and Webcast Information
A conference call and webcast will be held to discuss Lear's fourth quarter and full year 2021 financial results and related matters on February 8, 2022, at 8:30 a.m. EST. The webcast link for the conference call will be available through Lear's investor relations webpage at ir.lear.com. In addition, the conference call can be accessed by dialing 1-877-883-0383 (domestic) or 1-412-902-6506 (international) with Conference I.D. 8642960. The webcast replay will be available two hours following the call.
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included throughout this press release, the Company has provided information regarding "pretax income before equity (income) loss, interest, other (income) expense, restructuring costs and other special items" (core operating earnings or adjusted segment earnings), "pretax income before equity (income) loss, interest, other (income) expense, depreciation expense, amortization of intangible assets, restructuring costs and other special items" (adjusted EBITDA), "adjusted depreciation and amortization," "adjusted net income attributable to Lear" (adjusted net income), "adjusted diluted net income per share available to Lear common stockholders" (adjusted earnings per share) and "free cash flow" (each, a non-GAAP financial measure). Other (income) expense includes, among other things, non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, losses on the extinguishment of debt, gains and losses on the disposal of fixed assets, gains and losses on the consolidation and deconsolidation of affiliates and the non-service cost components of net periodic benefit cost. Adjusted depreciation and amortization represents depreciation expense and amortization of intangible assets adjusted for intangible asset impairment charges. Adjusted net income and adjusted earnings per share represent net income (loss) attributable to Lear and diluted net income (loss) per share available to Lear common stockholders, respectively, adjusted for restructuring costs and other special items, including the tax effect thereon. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures.
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that core operating earnings, adjusted EBITDA, adjusted depreciation and amortization, adjusted net income and adjusted earnings per share are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures provide improved comparability between fiscal periods. Management believes that free cash flow is useful to both management and investors in their analysis of the Company's ability to service and repay its debt. Further, management uses these non-GAAP financial measures for planning and forecasting future periods.
Core operating earnings, adjusted EBITDA, adjusted depreciation and amortization, adjusted net income, adjusted earnings per share and free cash flow should not be considered in isolation or as a substitute for net income (loss) attributable to Lear, diluted net income (loss) per share available to Lear common stockholders, cash provided by (used in) operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. In addition, the calculation of free cash flow does not reflect cash used to service debt and, therefore, does not reflect funds available for investment or other discretionary uses. Also, these non-GAAP financial measures, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the quarter ended April 3, 2021, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, the impact of the ongoing COVID-19 pandemic on the Company's business and the global economy, supply chain disruptions, actual industry production volumes, commodity prices, the impact of strategic transactions and restructuring actions and the Company's success in implementing its operating strategy.
Information in this press release relies on assumptions in the Company's sales backlog. The Company's sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs. The Company enters into contracts with its customers to provide production parts generally at the beginning of a vehicle's life cycle. Typically, these contracts do not provide for a specified quantity of production, and many of these contracts may be terminated by the Company's customers at any time. Therefore, these contracts do not represent firm orders. Further, the calculation of the sales backlog does not reflect customer price reductions on existing or newly awarded programs. The sales backlog may be impacted by various assumptions embedded in the calculation, including vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.
The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.
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.
Lear Corporation and Subsidiaries | ||||
Condensed Consolidated Statements of Income | ||||
(Unaudited; in millions, except per share amounts) | ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Net sales | $ 4,879.8 | $ 5,243.2 | ||
Cost of sales | 4,608.8 | 4,783.9 | ||
Selling, general and administrative expenses | 140.2 | 146.6 | ||
Amortization of intangible assets | 15.9 | 16.5 | ||
Interest expense | 24.6 | 21.5 | ||
Other expense, net | 28.8 | 0.8 | ||
Consolidated income before income taxes and equity in net income of affiliates | 61.5 | 273.9 | ||
Income taxes | 18.6 | 63.8 | ||
Equity in net income of affiliates | (6.7) | (12.6) | ||
Consolidated net income | 49.6 | 222.7 | ||
Net income attributable to noncontrolling interests | 28.1 | 21.1 | ||
Net income attributable to Lear | $ 21.5 | $ 201.6 | ||
Diluted net income per share available to Lear common stockholders | $ 0.36 | $ 3.33 | ||
Weighted average number of diluted shares outstanding | 60.3 | 60.5 | ||
Lear Corporation and Subsidiaries | ||||
Condensed Consolidated Statements of Income | ||||
(In millions, except per share amounts) | ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Net sales | $ 19,263.1 | $ 17,045.5 | ||
Cost of sales | 17,871.2 | 15,936.6 | ||
Selling, general and administrative expenses | 643.2 | 588.9 | ||
Amortization of intangible assets | 73.3 | 65.9 | ||
Interest expense | 91.8 | 99.6 | ||
Other expense, net | 0.1 | 55.2 | ||
Consolidated income before income taxes and equity in net income of affiliates | 583.5 | 299.3 | ||
Income taxes | 137.7 | 93.9 | ||
Equity in net income of affiliates | (15.8) | (28.5) | ||
Consolidated net income | 461.6 | 233.9 | ||
Net income attributable to noncontrolling interests | 87.7 | 75.4 | ||
Net income attributable to Lear | $ 373.9 | $ 158.5 | ||
Diluted net income per share available to Lear common stockholders | $ 6.19 | $ 2.62 | ||
Weighted average number of diluted shares outstanding | 60.4 | 60.4 | ||
Lear Corporation and Subsidiaries | ||||
Condensed Consolidated Balance Sheets | ||||
(In millions) | ||||
December 31, | December 31, | |||
ASSETS | ||||
Current: | ||||
Cash and cash equivalents | $ 1,318.3 | $ 1,306.7 | ||
Accounts receivable | 3,041.5 | 3,269.2 | ||
Inventories | 1,571.9 | 1,401.1 | ||
Other | 833.5 | 799.7 | ||
6,765.2 | 6,776.7 | |||
Long-Term: | ||||
PP&E, net | 2,720.1 | 2,736.2 | ||
Goodwill | 1,657.9 | 1,655.8 | ||
Other | 2,209.2 | 2,029.9 | ||
6,587.2 | 6,421.9 | |||
Total Assets | $ 13,352.4 | $ 13,198.6 | ||
LIABILITIES AND EQUITY | ||||
Current: | ||||
Accounts payable and drafts | $ 2,952.4 | $ 3,141.6 | ||
Accrued liabilities | 1,806.7 | 1,920.9 | ||
Current portion of long-term debt | 0.8 | 14.2 | ||
4,759.9 | 5,076.7 | |||
Long-Term: | ||||
Long-term debt | 2,595.2 | 2,300.3 | ||
Other | 1,188.9 | 1,206.7 | ||
3,784.1 | 3,507.0 | |||
Equity | 4,808.4 | 4,614.9 | ||
Total Liabilities and Equity | $ 13,352.4 | $ 13,198.6 | ||
Lear Corporation and Subsidiaries | ||||
Consolidated Supplemental Data | ||||
(Unaudited; in millions, except content per vehicle and per share amounts) | ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Net Sales | ||||
North America | 1,890.7 | $ 1,969.7 | ||
Europe and Africa | 1,607.9 | 1,959.0 | ||
Asia | 1,183.2 | 1,133.7 | ||
South America | 198.0 | 180.8 | ||
Total | $ 4,879.8 | $ 5,243.2 | ||
Content per Vehicle 1 | ||||
North America | $ 583 | $ 523 | ||
Europe and Africa | $ 410 | $ 375 | ||
Free Cash Flow 2 | ||||
Net cash provided by operating activities | $ 166.9 | 400.8 | ||
Capital expenditures | (179.6) | (167.0) | ||
Free cash flow | $ (12.7) | $ 233.8 | ||
Estimated Impact of COVID-19 Pandemic 3 | ||||
Sales | $ (1,060) | $ — | ||
Core operating earnings | (270) | — | ||
Core Operating Earnings 2 | ||||
Net income attributable to Lear | $ 21.5 | $ 201.6 | ||
Interest expense | 24.6 | 21.5 | ||
Other expense, net | 28.8 | 0.8 | ||
Income taxes | 18.6 | 63.8 | ||
Equity in net income of affiliates | (6.7) | (12.6) | ||
Net income attributable to noncontrolling interests | 28.1 | 21.1 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 31.6 | 33.4 | ||
Typhoon in the Philippines | 13.2 | — | ||
Other | (1.3) | 0.1 | ||
Core operating earnings | $ 158.4 | $ 329.7 | ||
Lear Corporation and Subsidiaries | ||||
Consolidated Supplemental Data | ||||
(continued) | ||||
(Unaudited; in millions, except content per vehicle and per share amounts) | ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Adjusted Net Income Attributable to Lear 2 | ||||
Net income attributable to Lear | $ 21.5 | $ 201.6 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 24.9 | 26.7 | ||
Loss on extinguishment of debt | 24.6 | — | ||
Typhoon in the Philippines | 13.2 | — | ||
Favorable tax ruling in a foreign jurisdiction | 0.9 | — | ||
Loss related to affiliate | 1.0 | 4.0 | ||
Other | (2.6) | (4.1) | ||
Tax impact of special items and other net tax adjustments 4 | (9.9) | (6.9) | ||
Adjusted net income attributable to Lear | $ 73.6 | $ 221.3 | ||
Weighted average number of diluted shares outstanding | 60.3 | 60.5 | ||
Diluted net income per share available to Lear common stockholders | $ 0.36 | $ 3.33 | ||
Adjusted earnings per share | $ 1.22 | $ 3.66 | ||
Adjusted Depreciation and Amortization 2 | ||||
Depreciation and amortization | $ 142.5 | $ 142.8 | ||
Less - Intangible asset impairment | — | — | ||
Adjusted depreciation and amortization | $ 142.5 | $ 142.8 | ||
Lear Corporation and Subsidiaries | ||||
Consolidated Supplemental Data | ||||
(continued) | ||||
(Unaudited; in millions, except content per vehicle and per share amounts) | ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Net Sales | ||||
North America | $ 7,548.2 | $ 6,630.5 | ||
Europe and Africa | 6,745.3 | 6,240.3 | ||
Asia | 4,227.9 | 3,655.3 | ||
South America | 741.7 | 519.4 | ||
Total | $ 19,263.1 | $ 17,045.5 | ||
Content per Vehicle 1 | ||||
North America | $ 579 | $ 509 | ||
Europe and Africa | $ 417 | $ 370 | ||
Free Cash Flow 2 | ||||
Net cash provided by operating activities | $ 670.1 | 663.1 | ||
Capital expenditures | (585.1) | (452.3) | ||
Free cash flow | $ 85.0 | $ 210.8 | ||
Estimated Impact of COVID-19 Pandemic 3 | ||||
Sales | $ (4,220) | $ (3,500) | ||
Core operating earnings | (1,050) | (800) | ||
Core Operating Earnings 2 | ||||
Net income attributable to Lear | $ 373.9 | $ 158.5 | ||
Interest expense | 91.8 | 99.6 | ||
Other expense, net | 0.1 | 55.2 | ||
Income taxes | 137.7 | 93.9 | ||
Equity in net income of affiliates | (15.8) | (28.5) | ||
Net income attributable to noncontrolling interests | 87.7 | 75.4 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 119.3 | 143.7 | ||
Intangible asset impairment | 8.5 | — | ||
Typhoon in the Philippines | 13.2 | — | ||
Other | 9.6 | 15.7 | ||
Core operating earnings | $ 826.0 | $ 613.5 | ||
Lear Corporation and Subsidiaries | ||||
Consolidated Supplemental Data | ||||
(continued) | ||||
(Unaudited; in millions, except content per vehicle and per share amounts) | ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Adjusted Net Income Attributable to Lear 2 | ||||
Net income attributable to Lear | $ 373.9 | $ 158.5 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 112.6 | 149.9 | ||
Loss on extinguishment of debt | 24.6 | 21.1 | ||
Intangible asset impairment | 8.5 | — | ||
Typhoon in the Philippines | 13.2 | — | ||
Favorable tax ruling in a foreign jurisdiction | (45.1) | — | ||
Loss related to affiliate | 2.0 | 4.0 | ||
Other | 4.2 | 8.9 | ||
Tax impact of special items and other net tax adjustments 4 | (14.1) | (20.4) | ||
Adjusted net income attributable to Lear | $ 479.8 | $ 322.0 | ||
Weighted average number of diluted shares outstanding | 60.4 | 60.4 | ||
Diluted net income per share available to Lear common stockholders | $ 6.19 | $ 2.62 | ||
Adjusted earnings per share | $ 7.94 | $ 5.33 | ||
Adjusted Depreciation and Amortization 2 | ||||
Depreciation and amortization | $ 573.9 | $ 539.9 | ||
Less - Intangible asset impairment | 8.5 | — | ||
Adjusted depreciation and amortization | $ 565.4 | $ 539.9 | ||
Diluted Shares Outstanding at End of Quarter 5 | 60,307,587 | 60,520,875 | ||
1 Content per Vehicle for 2020 has been updated to reflect actual production levels. | ||||
2 See "Non-GAAP Financial Information" included in this press release. | ||||
3 Represents the volume-driven sales reduction, calculated using our pre-COVID sales forecast as a baseline and standard vehicle margins, as well as incremental costs, net of our cost reduction actions, of | ||||
4 Represents the tax effect of restructuring costs and other special items, as well as several discrete tax items. The identification of these tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. | ||||
5 Calculated using stock price at end of quarter. | ||||
Lear Corporation and Subsidiaries | ||||
Segment Supplemental Data | ||||
(Unaudited; in millions, except margins) | ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Adjusted Segment Earnings | ||||
Seating | ||||
Net sales | $ 3,641.0 | $ 3,899.6 | ||
Segment earnings | $ 180.4 | $ 270.1 | ||
Costs related to restructuring actions | 18.2 | 24.2 | ||
Other | 0.1 | 0.9 | ||
Adjusted segment earnings | $ 198.7 | $ 295.2 | ||
Adjusted segment margins | 5.5 % | 7.6 % | ||
E-Systems | ||||
Net sales | $ 1,238.8 | $ 1,343.6 | ||
Segment earnings | 12.8 | $ 93.1 | ||
Costs related to restructuring actions | 11.4 | 9.0 | ||
Typhoon in the Philippines | 13.2 | — | ||
Other | 0.3 | 0.5 | ||
Adjusted segment earnings | $ 37.7 | $ 102.6 | ||
Adjusted segment margins | 3.0 % | 7.6 % | ||
Lear Corporation and Subsidiaries | ||||
Segment Supplemental Data | ||||
(continued) | ||||
(Unaudited; in millions, except margins) | ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Adjusted Segment Earnings | ||||
Seating | ||||
Net sales | $ 14,411.4 | $ 12,712.7 | ||
Segment earnings | $ 851.3 | $ 590.5 | ||
Costs related to restructuring actions | 59.7 | 86.8 | ||
Other | 1.0 | 3.4 | ||
Adjusted segment earnings | $ 912.0 | $ 680.7 | ||
Adjusted segment margins | 6.3 % | 5.4 % | ||
E-Systems | ||||
Net sales | $ 4,851.7 | $ 4,332.8 | ||
Segment earnings | $ 121.2 | $ 98.1 | ||
Costs related to restructuring actions | 52.1 | 55.8 | ||
Intangible asset impairment | 8.5 | — | ||
Typhoon in the Philippines | 13.2 | — | ||
Other | 1.5 | 3.5 | ||
Adjusted segment earnings | $ 196.5 | $ 157.4 | ||
Adjusted segment margins | 4.1 % | 3.6 % | ||
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SOURCE Lear Corporation
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