Welcome to our dedicated page for Lear Corporation news (Ticker: LEA), a resource for investors and traders seeking the latest updates and insights on Lear Corporation stock.
Lear Corporation (NYSE: LEA) is a leading global Tier 1 automotive supplier headquartered in Southfield, Michigan. The company specializes in the design, development, and manufacturing of automotive seating and electrical distribution systems, serving major automakers worldwide. Lear's product offerings include complete seating systems, seat components like frames, mechanisms, covers, heating and cooling systems, foam, and headrests. In the realm of automotive electrical systems, Lear provides wiring harnesses, terminals, connectors, on-board battery chargers, high-voltage battery management systems, and cybersecurity solutions.
With a presence in 35 countries across six continents, Lear operates in every major auto-producing region. As of 2022, General Motors and North America are Lear's largest customer and regional market, contributing 20% and 44% of the company's revenue respectively. In recent years, Lear has focused on strategic growth initiatives, including the acquisition of WIP Industrial Automation, which enhances its robotics and AI capabilities. This move aims to improve manufacturing efficiency and navigate macroeconomic challenges such as wage inflation.
Lear’s financial performance has shown robust growth. The company reported $6.0 billion in sales for Q2 2023, reflecting an 18% year-over-year increase. Core operating earnings reached $302 million, the highest in over two years. In Q3 2023, sales grew by 10% to $5.8 billion, with consistent improvements in operating margins across both seating and E-Systems segments.
Looking ahead, Lear has a strong financial outlook. The company anticipates continued growth driven by new business wins and operational efficiencies. For the full year 2023, Lear achieved a record $23.5 billion in sales, a 12% increase from the previous year. Adjusted earnings per share rose by 38% to $12.02, supported by higher operating earnings and share repurchases. As of Q1 2024, Lear's financial outlook remains positive, with a focus on leveraging its automation capabilities to drive innovation and efficiency.
Lear Corporation (NYSE: LEA), a leader in automotive technology, will announce its first quarter 2021 financial results in a conference call scheduled for May 7, 2021, at 8:30 a.m. EDT. Investors can participate via toll-free number 877-883-0383 or international line 412-902-6506, using conference code 1813749. A live audio webcast will also be available on Lear's Investor Relations website. The earnings presentation will be accessible on the website prior to the call.
On March 25, 2021, Lear Corporation (NYSE: LEA), a leader in automotive technology, announced its acquisition of M&N Plastics, a Michigan-based manufacturer specializing in engineered plastic components for automotive electrical distribution. This strategic move enhances Lear's vertical integration in producing complex parts such as high-voltage wire harnesses and power electronics. The acquisition aims to bolster Lear's leadership as a Tier 1 supplier and supports future revenue growth in its E-Systems segment through organic investments and enhanced capabilities.
Lear Corporation (NYSE: LEA), a leader in automotive technology, will join the Bank of America Virtual Global Automotive Summit on March 31, 2021. The event features Jason Cardew, SVP and CFO, discussing industry insights. The webcast starts at 11:40 AM EDT and lasts approximately 40 minutes. Interested viewers can access the link via ir.lear.com. Lear is committed to innovation and operational excellence, enhancing consumer experiences globally.
Lear Corporation (NYSE: LEA) will hold a virtual E-Systems Product Day on March 25, 2021, starting at 9:00am EDT. During this event, Carl Esposito, SVP and President of E-Systems, will present the company's product portfolio, focusing on opportunities in electrification and vertical integration. The presentation will include a Q&A session and is expected to last about 60 minutes. The webcast can be accessed via ir.lear.com.
Lear aims to enhance in-vehicle experiences through innovation and technology.
Lear Corporation (NYSE: LEA) has manufactured and distributed over 4 million face masks from its Pine Grove, PA facility since the start of the COVID-19 pandemic. Established in 2020, the facility can produce 600,000 masks per week and has supplied masks to various organizations including schools and hospitals. In alignment with the Executive Order on Sustainable Public Health Supply Chain, the facility remains ready to support domestic demand for medical supplies. Lear was recognized with the 2020 CEO Special Appreciation Award for its efforts during the health crisis.
Lear Corporation (NYSE: LEA) will participate in a fireside chat at the Wolfe Research Virtual Global Auto, Auto Tech, and Mobility Conference on February 25, 2021. The talk will be led by Ray Scott, President and CEO, and Jason Cardew, SVP and CFO. The webcast starts at 10:50 AM EST and will last approximately 35 minutes. Lear is renowned for its innovative automotive technology in Seating and E-Systems, serving all major automakers globally and ranked 166 on the Fortune 500.
Lear Corporation (NYSE: LEA) announced a quarterly cash dividend of $0.25 per share, payable on March 23, 2021, to shareholders on record by March 4, 2021. The company also scheduled its 2021 Annual Stockholders Meeting for May 20, 2021, at 9:00 a.m. EDT via a virtual web conference, with a record date of March 26, 2021 for voting eligibility. Lear continues to enhance in-vehicle experiences, serving major automakers worldwide and ranking 166 on the Fortune 500.
CITGO and Xevo have signed an agreement to launch a CITGO in-vehicle app, connecting consumers to over 4,500 CITGO retail locations. This app, powered by Xevo's Market platform, enables embedded ordering and transactions via in-vehicle touchscreens, simplifying fuel purchases. Customers can link their CITGO loyalty accounts to earn rewards on fuel bought through the app. CITGO aims to enhance customer experiences at its branded locations while adapting to technological advancements in daily life.
Lear Corporation reported its Q4 2020 and full-year financial results, showing significant growth despite pandemic challenges. Q4 sales reached $5.2 billion, up from $4.8 billion in 2019. Net income rose to $202 million, with EPS at $3.33. For 2020, total sales declined to $17.0 billion amid a 17% drop in global vehicle production. Looking ahead, Lear projects 2021 net sales between $19.8 billion and $20.8 billion, with anticipated core operating earnings of $1.13 - $1.30 billion.
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