Lear Reports Second Quarter 2024 Results
Lear (NYSE: LEA) reported record quarterly revenue of $6.0 billion in Q2 2024, a slight increase from Q2 2023. The company achieved total growth over market of 3 percentage points, with 7 points in E-Systems and 2 points in Seating. Net income rose to $173 million from $169 million, while adjusted earnings per share increased 8% to $3.60. Lear maintained core operating earnings of $302 million and reported free cash flow of $170 million. The company introduced new ComfortFlex and ComfortMax Seat technologies, secured new business awards, and continued its share repurchase program. Lear updated its 2024 financial outlook, projecting net sales between $23,230 million and $23,670 million.
Lear (NYSE: LEA) ha riportato un fatturato trimestrale record di 6,0 miliardi di dollari nel secondo trimestre del 2024, registrando un lieve aumento rispetto al secondo trimestre del 2023. L'azienda ha ottenuto un crescita totale rispetto al mercato di 3 punti percentuali, con 7 punti in E-Systems e 2 punti in Seating. Il reddito netto è salito a 173 milioni di dollari rispetto ai 169 milioni di dollari, mentre l'utile per azione rettificato è aumentato dell'8% a 3,60 dollari. Lear ha mantenuto un utile operativo core di 302 milioni di dollari e ha riportato un flusso di cassa libero di 170 milioni di dollari. L'azienda ha introdotto nuove tecnologie per i sedili ComfortFlex e ComfortMax, ha ottenuto nuovi premi contrattuali e ha proseguito il proprio programma di riacquisto di azioni. Lear ha aggiornato le sue previsioni finanziarie per il 2024, prevedendo vendite nette tra i 23.230 milioni e i 23.670 milioni di dollari.
Lear (NYSE: LEA) reportó un ingreso trimestral récord de 6.0 mil millones de dólares en el segundo trimestre de 2024, un leve aumento respecto al segundo trimestre de 2023. La compañía logró un crecimiento total sobre el mercado de 3 puntos porcentuales, con 7 puntos en E-Systems y 2 puntos en Seating. El ingreso neto aumentó a 173 millones de dólares desde 169 millones de dólares, mientras que las ganancias por acción ajustadas aumentaron un 8% a 3.60 dólares. Lear mantuvo ganancias operativas básicas de 302 millones de dólares y reportó flujo de caja libre de 170 millones de dólares. La empresa introdujo nuevas tecnologías de asientos ComfortFlex y ComfortMax, aseguró nuevos contratos y continuó con su programa de recompra de acciones. Lear actualizó su perspectiva financiera para 2024, proyectando ventas netas entre 23,230 millones y 23,670 millones de dólares.
Lear (NYSE: LEA)는 2024년 2분기에 60억 달러의 분기 매출 기록을 발표했으며, 이는 2023년 2분기 대비 약간 증가한 수치입니다. 이 회사는 시장에서 총 3% 성장을 달성했으며, E-Systems에서 7% 포인트, Seating에서 2% 포인트의 성장을 기록했습니다. 순이익은 1억 7300만 달러로 증가했으며, 이는 1억 6900만 달러에서 증가한 것입니다. 조정 주당 수익은 8% 증가하여 3.60달러에 달했습니다. Lear는 3억 200만 달러의 핵심 운영 이익을 유지하고 자유 현금 흐름 1억 7000만 달러를 보고했습니다. 이 회사는 새로운 ComfortFlex 및 ComfortMax 좌석 기술을 도입하고, 새로운 사업 계약을 확보했으며, 자사 주식 재매입 프로그램을 지속했습니다. Lear는 2024년 재무 전망을 업데이트하여 순매출을 232억 3000만 달러와 236억 7000만 달러 사이로 예상했습니다.
Lear (NYSE: LEA) a annoncé un chiffre d'affaires trimestriel record de 6,0 milliards de dollars pour le deuxième trimestre 2024, enregistrant une légère augmentation par rapport au deuxième trimestre 2023. La société a réalisé une croissance totale par rapport au marché de 3 points de pourcentage, avec 7 points dans E-Systems et 2 points dans Seating. Le revenu net a augmenté à 173 millions de dollars contre 169 millions de dollars, tandis que le bénéfice par action ajusté a augmenté de 8% à 3,60 dollars. Lear a maintenu un bénéfice d'exploitation de base de 302 millions de dollars et a rapporté un flux de trésorerie libre de 170 millions de dollars. L'entreprise a introduit de nouvelles technologies de sièges ComfortFlex et ComfortMax, a sécurisé de nouveaux contrats et a poursuivi son programme de rachat d'actions. Lear a mis à jour ses prévisions financières pour 2024, projetant des ventes nettes comprises entre 23 230 millions et 23 670 millions de dollars.
Lear (NYSE: LEA) berichtete über Rekordumsätze von 6,0 Milliarden Dollar im zweiten Quartal 2024, was einen leichten Anstieg im Vergleich zum zweiten Quartal 2023 bedeutet. Das Unternehmen erreichte ein Marktwachstum von insgesamt 3 Prozentpunkten, mit 7 Punkten in E-Systems und 2 Punkten in Seating. Der Nettogewinn stieg auf 173 Millionen Dollar, gegenüber 169 Millionen Dollar, während der bereinigte Gewinn pro Aktie um 8% auf 3,60 Dollar anstieg. Lear hielt die Kernbetriebsgewinne bei 302 Millionen Dollar und meldete einen freien Cashflow von 170 Millionen Dollar. Das Unternehmen führte neue Technologien für die Sitze ComfortFlex und ComfortMax ein, sicherte sich neue Aufträge und setzte sein Aktienrückkaufprogramm fort. Lear aktualisierte seine finanziellen Prognosen für 2024 und rechnet mit Nettoumsätzen zwischen 23.230 Millionen und 23.670 Millionen Dollar.
- Record quarterly revenue of $6.0 billion, a slight increase from Q2 2023
- Total growth over market of 3 percentage points, with 7 points in E-Systems and 2 points in Seating
- Net income increased to $173 million from $169 million year-over-year
- Adjusted earnings per share rose 8% to $3.60
- Free cash flow improved to $170 million from $159 million in Q2 2023
- Eighth consecutive quarter of year-over-year margin improvement in E-Systems
- New business awards with Geely Zeekr, Volvo, and Volkswagen/Audi
- Introduction of new ComfortFlex and ComfortMax Seat technologies
- Core operating earnings remained flat at $302 million compared to Q2 2023
- Net cash provided by operating activities decreased to $291 million from $311 million in Q2 2023
- Global vehicle production was down 1% compared to a year ago
Insights
Lear 's Q2 2024 results showcase a solid performance in a challenging automotive market. The company reported
The company's profitability metrics remain strong, with net income increasing to
Lear's focus on innovation is evident in the introduction of ComfortFlex and ComfortMax Seat technologies, which could potentially drive future growth in the competitive automotive seating market. The acquisition of WIP Industrial Automation also signals a strategic move to enhance capabilities in automation and AI, important for maintaining a competitive edge in the evolving automotive industry.
However, investors should note that while the company is showing resilience, there are challenges. The flat core operating earnings of
Looking ahead, Lear's full-year 2024 outlook appears cautiously optimistic, with projected net sales between
In conclusion, Lear's Q2 results demonstrate its ability to navigate a complex automotive landscape, but investors should closely monitor margin trends and the company's ability to capitalize on its technological innovations in the coming quarters.
Lear's Q2 2024 results offer valuable insights into broader automotive industry trends. The company's
The introduction of ComfortFlex and ComfortMax Seat technologies aligns with the growing consumer demand for enhanced in-vehicle comfort and personalization. This move could potentially open up new revenue streams and strengthen Lear's market position in the premium vehicle segment.
Interestingly, Lear's performance varied across regions, with North American vehicle production up
The new business wins, including a JIT seat award with Geely Zeekr and a smart junction box award for Volkswagen/Audi vehicles, demonstrate Lear's ability to secure contracts with both established automakers and emerging electric vehicle manufacturers. This balanced approach could prove important as the industry continues its transition towards electrification.
However, the flat core operating earnings despite increased revenue suggest ongoing challenges in the industry, possibly related to supply chain issues, inflationary pressures, or the costs associated with transitioning to new technologies. This is a trend worth watching across the automotive supply sector.
In conclusion, Lear's results paint a picture of an automotive industry in transition, with opportunities in electrification and vehicle comfort technologies, but also facing challenges in maintaining profitability amidst changing market dynamics. Companies that can innovate while managing costs are likely to emerge as leaders in this evolving landscape.
SOUTHFIELD, Mich., July 25, 2024 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today reported results for the second quarter 2024.
Second Quarter 2024 Highlights
- Delivered record quarterly revenue of
$6.0 billion - Total company growth over market of 3 percentage points, with 7 percentage points in E-Systems and 2 percentage points in Seating
- Net income of
$173 million $206 million $169 million $198 million - Core operating earnings of
$302 million - Earnings per share of
$3.02 $3.60 $2.84 $3.33 - Adjusted earnings per share increased
8% in the second quarter compared to the same period last year - Net cash provided by operating activities of
$291 million $170 million $311 million $159 million - Eighth consecutive quarter of year-over-year margin improvement in E-Systems
- Released 2023 Sustainability Report, which highlights progress on climate goals, sustainable product development, and diversity, equity and inclusion initiatives
- Completed the acquisition of WIP Industrial Automation to further strengthen our automation and artificial intelligence capabilities
- Introducing ComfortFlex by Lear™ modular designs and the ComfortMax Seat by Lear™ technology for Lear's thermal comfort products
- New JIT seat award with Geely Zeekr, continuing growth with Chinese domestic automotive manufacturers
- Awarded the low voltage wiring for the Volvo EX30 in
Europe - Smart junction box award for several Volkswagen/Audi vehicles
- Cash and cash equivalents at quarter end of
$950 million $3.0 billion - Repurchased
$60 million $44 million
"In the second quarter, Lear grew sales to a record level and improved year-over-year margins in E-Systems for the eighth consecutive quarter," said Ray Scott, Lear's President and Chief Executive Officer. "We are executing our thermal comfort strategy, and, today, we are introducing ComfortFlex by Lear™ modular designs and the ComfortMax Seat by Lear™ technology. Our ComfortFlex by Lear™ solutions are highly efficient designs of our thermal comfort products, which improve performance through enhanced modularity and advanced manufacturing processes. The ComfortMax Seat by Lear™ builds on ComfortFlex by Lear™ by leveraging our leadership in vertical integration to deliver the most efficient, feature-packed complete seat in the industry. We continue to focus our efforts on developing innovative products and utilizing automation to extend our leadership position in operational excellence. I am confident that the actions we are taking will support continued growth in earnings, strong cash flow and significant shareholder returns."
Second Quarter Financial Results
(in millions, except per share amounts)
2024 | 2023 | ||
Reported | |||
Sales | |||
Net income | |||
Earnings per share | |||
Adjusted(1) | |||
Core operating earnings | |||
Adjusted net income | |||
Adjusted earnings per share |
In the second quarter, global vehicle production was down
Sales in the second quarter were
Core operating earnings were
Earnings per share were
In the second quarter of 2024, net cash from 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 second quarter fiscal calendar. Management believes this provides a more meaningful comparison of the Company's global revenue growth relative to global vehicle production.
Share Repurchase Program
During the second quarter of 2024, Lear repurchased 477,932 shares of our common stock for a total of
Since initiating the share repurchase program in 2011, we have repurchased 56.2 million shares of our common stock for a total of
2024 Financial Outlook
Our 2024 financial outlook, adjusted for the changes to our outlook for global production and its impact on our business, is summarized below:
Full Year 2024 Financial Outlook | |||
Net Sales | |||
Core Operating Earnings | |||
Adjusted EBITDA | |||
Restructuring Costs | ≈ | ||
Operating Cash Flow | |||
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.
Second Quarter 2024 Conference Call and Webcast Information
A conference call and webcast will be held to discuss Lear's second quarter 2024 financial results and related matters on July 25, 2024, at 9:00 a.m. EDT. 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. 4935995. 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
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 attributable to Lear, diluted net income per share attributable to Lear, cash provided by 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. Set forth below are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
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, 2023, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, supply chain disruptions, labor disruptions, commodity prices, changes in foreign exchange rates, the impact of restructuring actions and the Company's success in implementing its operating strategy.
Information in this press release relies on assumptions in the Company's core sales backlog. The Company's core sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs and excludes the impact of non-core products winding down in our E-Systems business. 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 core sales backlog does not reflect customer price reductions on existing or newly awarded programs. The core 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
Lear Corporation and Subsidiaries | ||||
Three Months Ended | ||||
June 29, | July 1, | |||
Net sales | $ 6,012.4 | $ 5,999.2 | ||
Cost of sales | 5,563.6 | 5,542.2 | ||
Selling, general and administrative expenses | 175.3 | 182.8 | ||
Amortization of intangible assets | 12.7 | 16.0 | ||
Interest expense | 26.9 | 26.2 | ||
Other expense, net | 7.4 | 19.5 | ||
Consolidated income before income taxes and equity in net income of | 226.5 | 212.5 | ||
Income taxes | 46.2 | 41.5 | ||
Equity in net income of affiliates | (14.1) | (16.2) | ||
Consolidated net income | 194.4 | 187.2 | ||
Net income attributable to noncontrolling interests | 21.3 | 18.5 | ||
Net income attributable to Lear | $ 173.1 | $ 168.7 | ||
Diluted net income per share attributable to Lear | $ 3.02 | $ 2.84 | ||
Weighted average number of diluted shares outstanding | 57.2 | 59.4 | ||
Lear Corporation and Subsidiaries | ||||
Six Months Ended | ||||
June 29, | July 1, | |||
Net sales | $ 12,007.0 | $ 11,844.7 | ||
Cost of sales | 11,160.1 | 10,957.7 | ||
Selling, general and administrative expenses | 361.8 | 359.6 | ||
Amortization of intangible assets | 27.8 | 31.9 | ||
Interest expense | 53.0 | 50.4 | ||
Other expense, net | 20.9 | 33.2 | ||
Consolidated income before income taxes and equity in net income of | 383.4 | 411.9 | ||
Income taxes | 86.7 | 87.1 | ||
Equity in net income of affiliates | (24.6) | (25.8) | ||
Consolidated net income | 321.3 | 350.6 | ||
Net income attributable to noncontrolling interests | 38.6 | 38.3 | ||
Net income attributable to Lear | $ 282.7 | $ 312.3 | ||
Diluted net income per share available to Lear common stockholders | $ 4.92 | $ 5.25 | ||
Weighted average number of diluted shares outstanding | 57.4 | 59.5 | ||
Lear Corporation and Subsidiaries | ||||
June 29, | December 31, | |||
(Unaudited) | (Audited) | |||
ASSETS | ||||
Current: | ||||
Cash and cash equivalents | $ 950.3 | $ 1,196.3 | ||
Accounts receivable | 4,158.8 | 3,681.2 | ||
Inventories | 1,702.4 | 1,758.0 | ||
Other | 969.3 | 1,001.4 | ||
7,780.8 | 7,636.9 | |||
Long-Term: | ||||
PP&E, net | 2,864.7 | 2,977.4 | ||
Goodwill | 1,720.4 | 1,737.9 | ||
Other | 2,316.0 | 2,343.3 | ||
6,901.1 | 7,058.6 | |||
Total Assets | $ 14,681.9 | $ 14,695.5 | ||
LIABILITIES AND EQUITY | ||||
Current: | ||||
Short-term borrowings | $ 26.8 | $ 27.5 | ||
Accounts payable and drafts | 3,552.2 | 3,434.2 | ||
Accrued liabilities | 2,238.5 | 2,205.2 | ||
Current portion of long-term debt | 0.3 | 0.3 | ||
5,817.8 | 5,667.2 | |||
Long-Term: | ||||
Long-term debt | 2,743.5 | 2,742.6 | ||
Other | 1,206.6 | 1,225.1 | ||
3,950.1 | 3,967.7 | |||
Equity | 4,914.0 | 5,060.6 | ||
Total Liabilities and Equity | $ 14,681.9 | $ 14,695.5 | ||
Lear Corporation and Subsidiaries | ||||
Three Months Ended | ||||
June 29, | July 1, | |||
Net Sales | ||||
$ 2,552.5 | $ 2,469.8 | |||
2,171.6 | 2,192.5 | |||
1,074.4 | 1,109.1 | |||
213.9 | 227.8 | |||
Total | $ 6,012.4 | $ 5,999.2 | ||
Content per Vehicle 1 | ||||
$ 614 | $ 604 | |||
$ 481 | $ 457 | |||
Free Cash Flow 2 | ||||
Net cash provided by operating activities | $ 291.2 | $ 311.4 | ||
Settlement of accounts payable in conjunction with acquisition of IGB | — | 15.4 | ||
Capital expenditures | (120.8) | (168.3) | ||
Free cash flow | $ 170.4 | $ 158.5 | ||
Core Operating Earnings 2 | ||||
Net income attributable to Lear | $ 173.1 | $ 168.7 | ||
Interest expense | 26.9 | 26.2 | ||
Other expense, net | 7.4 | 19.5 | ||
Income taxes | 46.2 | 41.5 | ||
Equity in net income of affiliates | (14.1) | (16.2) | ||
Net income attributable to noncontrolling interests | 21.3 | 18.5 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 33.7 | 34.3 | ||
Acquisition costs | 0.4 | 0.2 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Impairments related to Fisker | 0.3 | — | ||
Impairments related to Russian operations | (0.3) | — | ||
Intangible asset impairment | — | 1.0 | ||
Gain related to typhoon in | — | (0.3) | ||
Other | 7.1 | 6.6 | ||
Core operating earnings | $ 302.0 | $ 301.8 | ||
Lear Corporation and Subsidiaries | ||||
Three Months Ended | ||||
June 29, | July 1, | |||
Adjusted Net Income and Adjusted Earnings Per Share 2 | ||||
Net income attributable to Lear | $ 173.1 | $ 168.7 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 32.1 | 34.3 | ||
Acquisition costs | 0.4 | 0.2 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Impairments related to Fisker | 0.3 | — | ||
Impairments related to Russian operations | (0.3) | — | ||
Intangible asset impairment | — | 1.0 | ||
Gain related to typhoon in | — | (0.3) | ||
Foreign exchange (gains) losses due to foreign exchange rate volatility | 1.0 | (1.0) | ||
Other | 9.6 | 7.2 | ||
Tax impact of special items and other net tax adjustments 3 | (10.4) | (14.0) | ||
Adjusted net income | $ 205.8 | $ 197.9 | ||
Weighted average number of diluted shares outstanding | 57.2 | 59.4 | ||
Diluted net income per share available to Lear | $ 3.02 | $ 2.84 | ||
Adjusted earnings per share | $ 3.60 | $ 3.33 | ||
Adjusted Depreciation and Amortization 2 | ||||
Depreciation and amortization | $ 153.9 | $ 151.2 | ||
Less - Intangible asset impairment | — | 1.0 | ||
Adjusted depreciation and amortization | $ 153.9 | $ 150.2 | ||
Lear Corporation and Subsidiaries | ||||
Six Months Ended | ||||
June 29, | July 1, | |||
Net Sales | ||||
$ 5,028.4 | $ 4,849.8 | |||
4,425.4 | 4,423.5 | |||
2,134.1 | 2,128.6 | |||
419.1 | 442.8 | |||
Total | $ 12,007.0 | $ 11,844.7 | ||
Content per Vehicle 1 | ||||
$ 619 | $ 608 | |||
$ 478 | $ 461 | |||
Free Cash Flow 2 | ||||
Net cash provided by operating activities | $ 256.6 | $ 275.8 | ||
Settlement of accounts payable in conjunction with acquisition of IGB | — | 15.4 | ||
Capital expenditures | (234.4) | (280.1) | ||
Free cash flow | $ 22.2 | $ 11.1 | ||
Core Operating Earnings 2 | ||||
Net income attributable to Lear | $ 282.7 | $ 312.3 | ||
Interest expense | 53.0 | 50.4 | ||
Other expense, net | 20.9 | 33.2 | ||
Income taxes | 86.7 | 87.1 | ||
Equity in net income of affiliates | (24.6) | (25.8) | ||
Net income attributable to noncontrolling interests | 38.6 | 38.3 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 88.0 | 48.9 | ||
Acquisition costs | 0.5 | 0.5 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Impairments related to Fisker | 14.8 | — | ||
Impairments related to Russian operations | 1.1 | — | ||
Intangible asset impairment | — | 1.9 | ||
Costs related to typhoon in | — | 0.2 | ||
Other | 20.1 | 16.4 | ||
Core operating earnings | $ 581.8 | $ 565.2 | ||
Lear Corporation and Subsidiaries | ||||
Six Months Ended | ||||
June 29, | July 1, | |||
Adjusted Net Income Attributable to Lear 2 | ||||
Net income attributable to Lear | $ 282.7 | $ 312.3 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 86.4 | 48.9 | ||
Acquisition costs | 0.5 | 0.5 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Impairments related to Fisker | 14.8 | — | ||
Impairments related to Russian operations | 1.1 | — | ||
Intangible asset impairment | — | 1.9 | ||
Costs related to typhoon in | — | 0.2 | ||
Foreign exchange (gains) losses due to foreign exchange rate volatility | 1.0 | (2.0) | ||
Loss related to affiliate | 2.2 | 5.0 | ||
Other | 23.4 | 12.2 | ||
Tax impact of special items and other net tax adjustments 3 | (23.1) | (17.1) | ||
Adjusted net income attributable to Lear | $ 389.0 | $ 363.7 | ||
Weighted average number of diluted shares outstanding | 57.4 | 59.5 | ||
Diluted net income per share available to Lear common stockholders | $ 4.92 | $ 5.25 | ||
Adjusted earnings per share | $ 6.78 | $ 6.12 | ||
Adjusted Depreciation and Amortization 2 | ||||
Depreciation and amortization | $ 309.2 | $ 298.4 | ||
Less - Intangible asset impairment | — | 1.9 | ||
Adjusted depreciation and amortization | $ 309.2 | $ 296.5 | ||
Diluted Shares Outstanding at End of Period 4 | 56,928,966 | 59,210,340 | ||
1 Content per Vehicle for 2023 has been updated to reflect actual production levels. | ||||
2 See "Non-GAAP Financial Information" included in this press release. | ||||
3 Represents the tax effect of restructuring costs and other special items, as well as several discrete tax items. | ||||
4 Calculated using stock price at end of quarter. | ||||
Lear Corporation and Subsidiaries | ||||
Three Months Ended | ||||
June 29, | July 1, | |||
Adjusted Segment Earnings | ||||
Seating | ||||
Net sales | $ 4,447.0 | $ 4,468.1 | ||
Segment earnings | $ 276.0 | $ 292.9 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 22.9 | 25.3 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Impairments related to Russian operations | (0.3) | — | ||
Other | 3.5 | 2.1 | ||
Adjusted segment earnings | $ 302.1 | $ 322.1 | ||
Segment margins | 6.2 % | 6.6 % | ||
Adjusted segment margins | 6.8 % | 7.2 % | ||
E-Systems | ||||
Net sales | $ 1,565.4 | $ 1,531.1 | ||
Segment earnings | $ 69.5 | $ 52.9 | ||
Restructuring and other special items - | ||||
Costs related to restructuring actions | 10.0 | 8.1 | ||
Impairments related to Fisker | 0.3 | — | ||
Intangible asset impairment | — | 1.0 | ||
Gain related to typhoon in | — | (0.5) | ||
Other | 2.4 | 1.8 | ||
Adjusted segment earnings | $ 82.2 | $ 63.3 | ||
Segment margins | 4.4 % | 3.5 % | ||
Adjusted segment margins | 5.3 % | 4.1 % | ||
Lear Corporation and Subsidiaries | ||||
Six Months Ended | ||||
June 29, | July 1, | |||
Adjusted Segment Earnings | ||||
Seating | ||||
Net sales | $ 8,924.6 | $ 8,921.1 | ||
Segment earnings | $ 517.6 | $ 578.7 | ||
Costs related to restructuring actions | 66.6 | 37.3 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Impairments related to Fisker | 2.3 | — | ||
Impairments related to Russian operations | 1.1 | — | ||
Other | 9.4 | 4.7 | ||
Adjusted segment earnings | $ 597.0 | $ 622.5 | ||
Segment margins | 5.8 % | 6.5 % | ||
Adjusted segment margins | 6.7 % | 7.0 % | ||
E-Systems | ||||
Net sales | $ 3,082.4 | $ 2,923.6 | ||
Segment earnings | $ 123.6 | $ 95.2 | ||
Costs related to restructuring actions | 18.8 | 10.4 | ||
Impairments related to Fisker | 12.5 | — | ||
Intangible asset impairment | — | 1.9 | ||
Gain related to typhoon in | — | (0.1) | ||
Other | 4.4 | 4.8 | ||
Adjusted segment earnings | $ 159.3 | $ 112.2 | ||
Segment margins | 4.0 % | 3.3 % | ||
Adjusted segment margins | 5.2 % | 3.8 % | ||
View original content to download multimedia:https://www.prnewswire.com/news-releases/lear-reports-second-quarter-2024-results-302206030.html
SOURCE Lear Corporation
FAQ
What was Lear's revenue in Q2 2024?
How did Lear's earnings per share (EPS) change in Q2 2024?
What new products did Lear introduce in Q2 2024?
How much did Lear spend on share repurchases in Q2 2024?
What is Lear's updated net sales outlook for 2024?
