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) 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
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.
Lear Corporation (NYSE: LEA), a leader in automotive technology, has scheduled a conference call for February 2, 2023, at 9:00 a.m. EST to discuss its fourth quarter and full year 2022 financial results. Investors can join by calling 877-883-0383 (toll-free) or 412-902-6506 (international), using conference code 9600227. A live audio webcast will also be available on Lear's Investor Relations website, with a replay accessible two hours after the call. A presentation slide will be posted prior to the call.
Lear Corporation (NYSE: LEA), a leader in automotive technology specializing in Seating and E-Systems, will take part in a fireside chat at the Goldman Sachs 14th Annual Global Automotive Conference in London on December 8, 2022. The discussion will feature key executives: Jason Cardew, Chief Financial Officer; Frank Orsini, President of Seating; and Carl Esposito, President of E-Systems. The webcast starts at 4:50 AM EST and lasts approximately 40 minutes, accessible at ir.lear.com.
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