Lear Corporation - LEA STOCK NEWS

Lear Corporation (NYSE: LEA) reported a strong first quarter in 2023 with sales rising 12% to $5.8 billion, compared to $5.2 billion in Q1 2022. Adjusted net income reached $166 million, significantly up from $108 million a year ago. The company's core operating earnings soared 43% to $263 million, and earnings per share increased to $2.41 from $0.82. The acquisition of I.G. Bauerhin enhances Lear's thermal comfort systems product capabilities. Despite challenges, including a net cash outflow of $(36) million, Lear maintained total liquidity of $2.9 billion. They plan to return $72 million to shareholders through dividends and share repurchases. Lear's positive outlook for 2023 anticipates net sales between $21.2 billion and $22.2 billion, supported by a strong backlog and recent business awards.

Lear Corporation (NYSE: LEA) announced the completion of its acquisition of I.G. Bauerhin (IGB) for €140 million, enhancing its Thermal Comfort Systems portfolio. IGB, located in Germany, specializes in automotive seat heating and ventilation technologies, employing over 4,600 people across several countries. This acquisition marks Lear's commitment to developing integrated in-vehicle comfort solutions, bolstering its position as a leading seat supplier. The move follows Lear's previous acquisition of Kongsberg Automotive's Interior Comfort Systems in February 2022. With increasing demand for thermal comfort features in automotive seating, this acquisition is expected to meet customer demands across various vehicle segments, enhancing overall product offerings.

Lear Corporation (NYSE: LEA) announced a conference call to discuss its first quarter 2023 financial results on April 27, 2023, at 8:30 a.m. EDT. The call will cover key financial metrics and updates.

Participants can join through a webcast or by phone. A slide presentation and replay will be available on the company's Investor Relations website.

Lear Corporation (NYSE: LEA), a leader in automotive technology, announced that Jason Cardew, SVP and CFO, will join a fireside chat on March 14, 2023, with John Murphy, BofA Automotive Equity Analyst. The webcast starts at 10:30 AM EDT and is expected to last about 30 minutes. Investors can access the link on the Company's website at ir.lear.com. Lear, headquartered in Southfield, Michigan, specializes in Seating and E-Systems, providing innovative technologies that enhance in-vehicle experiences for consumers worldwide.

Lear Corporation (NYSE: LEA) has declared a quarterly cash dividend of $0.77 per share, reflecting its commitment to returning value to shareholders. The dividend will be payable on March 29, 2023, to shareholders of record on March 10, 2023. As a leading global automotive technology firm in Seating and E-Systems, Lear operates in 37 countries and serves every major automaker, underscoring its significant market presence. The company's focus on innovation, operational excellence, and sustainability supports its mission to enhance consumer experiences during vehicle use.

On February 6, 2023, Lear Corporation (NYSE: LEA) announced its participation in the Wolfe Research Global Auto, Auto Tech, and Auto Consumer Conference in New York. The event will take place on February 15, 2023, with a webcast starting at 1:50 PM EST and lasting approximately 30 minutes. Leading the discussion will be Ray Scott, President and CEO, alongside Jason Cardew, SVP and Chief Financial Officer. The webcast can be accessed via Lear's investor relations website at ir.lear.com. Lear is recognized for its automotive technology in Seating and E-Systems, serving major global automakers.

Lear Corporation (NYSE: LEA) reported strong financial results for Q4 and full year 2022, showcasing a 10% increase in quarterly sales to $5.4 billion and an 8% rise in annual sales to $20.9 billion. Net income for Q4 reached $118 million, while full-year net income was $328 million. The company outperformed the market, with growth driven by its Seating and E-Systems segments, supported by a $2.85 billion sales backlog for 2023-2025. Lear's 2023 outlook anticipates net sales between $21.2 billion and $22.2 billion, with a focus on continued growth despite modest expected production increases.