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 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.
Lear Corporation (NYSE: LEA) will conduct a conference call on February 4, 2021, at 8:30 a.m. EST to discuss its fourth quarter and full year 2020 financial results. Interested parties can join via toll-free number 877-883-0383 or international line 412-902-6506, using conference code 4077371. A live audio webcast will also be available on Lear's Investor Relations website. The associated slide presentation will be posted prior to the call.
On January 11, 2021, Lear Corporation (NYSE: LEA) announced a partnership between its Xevo software business and Grubhub, allowing contactless food ordering in FCA vehicles via the Uconnect Market platform. The Grubhub app will enable users to easily reorder their favorite meals and discover new options while on the go. This feature underscores Lear's commitment to enhancing in-vehicle experiences by enabling safe transactions without shared surfaces. The Uconnect Market is available in various 2019 and 2020 Chrysler, Dodge, Jeep, and Ram models equipped with connected services.
Lear Corporation (NYSE: LEA), a leader in automotive technology, will participate in a fireside chat at the J.P. Morgan 19th Annual Tech/Auto Forum on January 12, 2021. The event will feature key executives including Frank Orsini, Carl Esposito, and John Absmeier. The webcast will start at 4:35 PM EST and is expected to last approximately 30 minutes. Interested parties can access the webcast through the Lear Investor Relations website.
Lear Corporation (NYSE: LEA), a leader in automotive technology, has reinstated its quarterly cash dividend at $0.25 per share, payable on December 29, 2020, to shareholders of record as of December 10, 2020. This decision reflects the Board's confidence in the company's financial position and outlook, particularly as industry recovery progresses. Earlier in 2020, Lear suspended its dividend due to COVID-19 but has begun reversing austerity measures. The Board anticipates future dividend increases aligned with improved financial performance.
On November 17, 2020, Lear Corporation (NYSE: LEA) announced its participation in the Credit Suisse 8th Annual Virtual Industrials Conference scheduled for December 3, 2020. The discussion will feature Ray Scott, President and CEO, and Jason Cardew, Senior Vice President and CFO. The webcast will start at 1:10 PM EST and is expected to last approximately 30 minutes. Interested parties can access the webcast through Lear's website at ir.lear.com.
On November 10, 2020, Lear Corporation (NYSE: LEA) announced the appointment of Roger A. Krone, CEO of Leidos, and Patricia L. Lewis, Chief HR Officer of UnitedHealth Group, to its board of directors, effective November 9. These appointments expand the board to 11 members, aiming to enhance the company's strategic direction in workforce diversity, innovation, and technology development. Krone brings extensive experience from aviation and defense sectors, while Lewis offers insights in human capital management from her roles in healthcare and technology industries.
Lear Corporation (NYSE: LEA) reported third-quarter 2020 sales of $4.9 billion, up 2% from $4.8 billion in Q3 2019. Net income was $174 million with adjusted net income of $225 million. Earnings per share (EPS) were $2.89, lower than $3.58 last year, while adjusted EPS increased to $3.73. Operating cash flow rose to $565 million and free cash flow to $474 million. The company ended Q3 with $1.25 billion in cash, and total liquidity of $3 billion. Lear reinstated guidance for 2020, projecting net sales of $16.35 - $16.65 billion.
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