SOUTHFIELD, Mich., June 26, 2024 /PRNewswire/ -- Lear Corporation will hold a conference call to review the company's second quarter 2024 financial results and related matters on July 25, 2024, at 9:00 a.m. EDT. To participate in the conference call: Webcast link: click here Toll-free calls: 877-883-0383 International calls: 412-902-6506 The conference code is 4935995. You also may listen to the live audio webcast of the call, in listen-only mode, on Lear's Investor Relations website at ir.lear.com. The web ...

SOUTHFIELD, Mich., May 30, 2024 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, will participate in a fireside chat on June 11, 2024, at the Deutsche Bank Global Auto Industry Conference in New York. Representing Lear will be: Ray Scott, President and CEO Jason Cardew, SVP and Chief Financial Officer Lear's webcast will begin at 9:00am EDT and will run approximately 35 minutes. The webcast link will be available on the Company's website at ir.lea ...

Core Insights - Lear Corporation is making strategic leadership changes to enhance its focus on innovation and automation as part of its IDEA initiative [1][2][4] Leadership Changes - Carl Esposito has been appointed as Senior Vice President, IDEA by Lear, leveraging his extensive experience in product development and operations [2][3] - Nick Roelli will succeed Esposito as Senior Vice President and President of E-Systems, bringing a strong background in operational and commercial strategy [4][5] Strategic Focus - The IDEA initiative aims to drive growth and improve profitability through technology and automation, positioning Lear as a leader in operational excellence [2][4] - Esposito emphasized the importance of innovation and efficiency to accelerate growth, enhance quality and safety, and create value-added opportunities [4][6] Company Overview - Lear Corporation is a global leader in automotive technology, specializing in Seating and E-Systems, and serves every major automaker worldwide [7]

Group 1 - Lear Corporation has declared a quarterly cash dividend of $0.77 per share on its common stock, payable on June 25, 2024, to shareholders of record at the close of business on June 6, 2024 [1] - Lear Corporation is a global leader in automotive technology, specializing in Seating and E-Systems, and aims to enhance in-vehicle experiences for consumers worldwide [2] - The company operates in 38 countries and is committed to innovation, operational excellence, and sustainability, serving every major automaker globally [2]

Lear Corp. (LEA) reported first-quarter 2024 adjusted earnings of $3.18 per share, which increased from $2.78 recorded in the year-ago quarter and beat the Zacks Consensus Estimate of $3.04 per share. In the reported quarter, revenues increased 2.5% year over year to $6 billion and were in line with the Zacks Consensus Estimate.Segment PerformanceSales of the Seating segment totaled $4.47 billion in the reported quarter, up from $4.45 billion generated in the year-ago quarter billion, thanks to solid backlo ...

Have you looked into how Lear (LEA) performed internationally during the quarter ending March 2024? Considering the widespread global presence of this automotive seating and electrical distribution systems company, examining the trends in international revenues is essential for assessing its financial resilience and prospects for growth.In the current era of a tightly interconnected global economy, the proficiency of a company to penetrate international markets significantly influences its financial health ...

Financial Data and Key Metrics Changes - The company reported a record revenue of $6 billion for the first quarter, representing a 3% year-over-year increase [17][27] - Core operating earnings grew by 6% to $280 million, with adjusted earnings per share increasing by 14% to $3.18 [34][45] - Operating cash flow was consistent with the previous year, reflecting higher core operating earnings offset by increased cash restructuring [45][50] Business Line Data and Key Metrics Changes - In the Seating segment, sales increased by $25 million or 1% to $4.5 billion, driven by backlog and acquisitions, but were flat when excluding commodities and foreign exchange impacts [28][46] - The E-Systems segment saw sales rise by $124 million or 9% to $1.5 billion, with a 10% increase in sales excluding foreign exchange and commodities [46][47] Market Data and Key Metrics Changes - Global vehicle production decreased by 1% year-over-year, but production volumes increased by 1% in North America and 5% in China, while Europe saw a 2% decline [43][44] - The company outperformed the market in E-Systems with a growth of 10 points above market, while Seating was flat [26][34] Company Strategy and Development Direction - The company is focusing on automation and digital tools to enhance operational efficiency and reduce costs, with the introduction of the IDEA by Lear initiative [38][51] - Recent acquisitions, including WIP Industrial Automation, are aimed at strengthening automation capabilities and expanding the company's footprint in Europe [18][23] - The thermal comfort business is on track to achieve $1 billion in revenue by 2027, with a target operating margin of 10% [24] Management's Comments on Operating Environment and Future Outlook - Management highlighted challenges such as elevated wage inflation, geopolitical risks, and the pace of the EV transition, but also noted opportunities for growth and margin expansion for adaptable companies [21][49] - The company expects to maintain its full-year guidance, forecasting flat global industry production but higher sales and operating earnings for the fourth consecutive year [47][49] Other Important Information - The company has committed to returning excess cash to shareholders, with a share repurchase authorization increased to $1.5 billion through the end of 2026 [20][50] - Restructuring costs are expected to be elevated due to future plant closures in Europe aimed at improving the manufacturing cost structure [45][58] Q&A Session Summary Question: What are the drivers of growth in E-Systems? - The growth was driven by a combination of backlog and favorable production volumes on key platforms, with expectations for growth to moderate to about five points over market for the full year [54][55] Question: Can you elaborate on the restructuring plans for the year? - The guidance for restructuring costs is $125 million, primarily focused on Europe, to realign operations to lower volumes [58][59] Question: How does automation impact labor costs? - Automation is seen as a catalyst for offsetting wage inflation and driving higher margins, with headcount changes expected to occur through normal attrition rather than significant restructuring [66][87] Question: What is the outlook for the new business backlog? - The backlog remains strong, with some changes due to timing and volume associated with specific launches, but overall visibility is positive [134][135] Question: How is the company addressing labor challenges in the supply chain? - Labor scarcity is a significant issue across the supply chain, but the company is working with suppliers to manage these challenges effectively [99][100]

42.3 � 54.1 Restructuring costs and other special items - Free Cash Flow $600 - $750 million Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is 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 ...

For the quarter ended March 2024, Lear (LEA) reported revenue of $5.99 billion, up 2.6% over the same period last year. EPS came in at $3.18, compared to $2.78 in the year-ago quarter.The reported revenue represents no surprise over the Zacks Consensus Estimate of $5.99 billion. With the consensus EPS estimate being $3.04, the EPS surprise was +4.61%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determi ...

Lear (LEA) came out with quarterly earnings of $3.18 per share, beating the Zacks Consensus Estimate of $3.04 per share. This compares to earnings of $2.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.61%. A quarter ago, it was expected that this automotive seating and electrical distribution systems company would post earnings of $3.07 per share when it actually produced earnings of $3.03, delivering a surprise of -1.30% ...