Financial Data and Key Metrics Changes - In 2024, Lear Corporation generated $23.3 billion in revenue, with core operating earnings of $1.1 billion, representing 4.7% of net sales. Adjusted earnings per share increased by 5% to $12.62 [7][10][11] - Operating cash flow was $1.1 billion, and free cash flow reached $561 million in 2024 [7][8] - The company achieved a free cash flow conversion target of 80% for the year [8][43] Business Line Data and Key Metrics Changes - In the Seating segment, sales for Q4 2024 were $4.2 billion, a decrease of 4% year-over-year, while adjusted earnings were $257 million, down 12% [53][54] - The E-Systems segment saw Q4 sales of $1.5 billion, an increase of 2% from the previous year, with adjusted earnings of $77 million [55][56] - For the full year, Seating sales were $17.2 billion, down 2%, while E-Systems sales increased by 3% to $6.1 billion [57][59] Market Data and Key Metrics Changes - Revenue from Chinese domestic automakers grew from approximately 20% three years ago to about 33% in 2024, with expectations to exceed 37% in 2025 [28] - Global production volumes declined by 3% in North America and 8% in Europe, while volumes in China increased by 8% [45][46] Company Strategy and Development Direction - Lear Corporation's strategic priorities include innovation, automation, improving market share, and delivering financial performance [8] - The company is focusing on expanding its market share with Chinese domestic automakers and enhancing its automation capabilities through acquisitions [12][21] - Investments in automation and restructuring are expected to yield significant cost savings, with projected annualized savings of $150 million by 2025 [18][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain margins despite market challenges, emphasizing the importance of innovation and cost efficiency [22][87] - The outlook for 2025 anticipates revenue in the range of $21.9 billion to $22.9 billion, reflecting a decrease of approximately 4% compared to 2024 [63][64] - The company expects to maintain adjusted margins at 4.7%, driven by strong net performance and a margin-accretive backlog [67][68] Other Important Information - Lear Corporation reduced its global headcount by 15,000 in 2024 and aims for a similar reduction in 2025 [9][40] - The company repurchased $400 million worth of shares in 2024, exceeding its target of $325 million [9][70] Q&A Session Summary Question: Can you discuss the dynamics of competition in the seating business? - Management highlighted the need for innovation and efficiency in seating, emphasizing a modular approach to reduce costs and improve comfort [78][81] Question: What is the expected timeframe for bid to launch? - Management indicated that the industry is moving towards faster turnaround times, with expectations of 18 to 24 months for new programs [91][93] Question: How does the company view the competitive landscape in E-Systems? - Management noted that consolidation opportunities exist in the industry, and they are focused on creating shareholder value through efficiency and synergies [125]

Lear (LEA) reported $5.71 billion in revenue for the quarter ended December 2024, representing a year-over-year decline of 2.2%. EPS of $2.94 for the same period compares to $3.03 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $5.51 billion, representing a surprise of +3.65%. The company delivered an EPS surprise of +13.51%, with the consensus EPS estimate being $2.59.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street exp ...

Lear (LEA) came out with quarterly earnings of $2.94 per share, beating the Zacks Consensus Estimate of $2.59 per share. This compares to earnings of $3.03 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.51%. A quarter ago, it was expected that this automotive seating and electrical distribution systems company would post earnings of $2.57 per share when it actually produced earnings of $2.89, delivering a surprise of 12.45 ...

Financial Performance - Fourth quarter 2024 revenue was $5.7 billion, a decrease of 2% compared to $5.8 billion in Q4 2023[4] - Net income for Q4 2024 was $88 million, down from $127 million in Q4 2023, while adjusted net income was $161 million compared to $177 million[4] - Full year 2024 revenue totaled $23.3 billion, a slight decline from $23.5 billion in 2023, with total company revenue growth outperforming industry volume by 2 percentage points[4] - Net sales for Q4 2024 were $5,714.6 million, a decrease of 2.2% compared to $5,841.2 million in Q4 2023[30] - Total net sales for Lear Corporation decreased to $23,306.0 million in 2024 from $23,466.9 million in 2023, representing a decline of approximately 0.7%[37] - Seating segment net sales for the year were $17,222.1 million, down from $17,548.8 million in 2023, a decrease of about 1.9%[44] - E-Systems segment net sales increased to $6,083.9 million in 2024 from $5,918.1 million in 2023, showing an increase of approximately 2.8%[44] Earnings and Cash Flow - Core operating earnings for the full year 2024 were $1,096 million, or 4.7% of sales, compared to $1,120 million, or 4.8% of sales in 2023[10] - Adjusted earnings per share for the full year 2024 increased to $12.62, up 5% from $12.02 in 2023[11] - Free cash flow for Q4 2024 was $488.7 million, an increase of 29.8% compared to $376.5 million in Q4 2023[35] - Free cash flow for the year was $561.4 million, down from $638.2 million in the previous year, indicating a decrease of about 12.1%[37] - Adjusted net income attributable to Lear increased slightly to $712.8 million in 2024 from $710.3 million in 2023, reflecting a marginal growth of 0.4%[39] Shareholder Actions - Lear repurchased $101 million of shares in Q4 2024, with a remaining share repurchase authorization of approximately $1.1 billion[13] - Diluted net income per share attributable to Lear decreased to $1.61 in Q4 2024 from $2.18 in Q4 2023[30] - Diluted net income per share available to Lear common stockholders decreased to $8.97 in 2024 from $9.68 in 2023, a decline of approximately 7.4%[39] - The weighted average number of diluted shares outstanding decreased to 56.5 million in 2024 from 59.1 million in 2023, a reduction of approximately 4.4%[39] Assets and Liabilities - Total assets decreased to $14,027.5 million as of December 31, 2024, from $14,695.5 million as of December 31, 2023[34] - Total liabilities decreased to $9,426.5 million as of December 31, 2024, from $9,727.5 million as of December 31, 2023[34] Segment Performance - Adjusted segment earnings for the Seating segment were $1,115.5 million, down from $1,191.2 million in 2023, a decrease of about 6.4%[44] - Adjusted segment earnings for the E-Systems segment increased to $310.2 million in 2024 from $275.1 million in 2023, reflecting an increase of approximately 12.7%[44] Future Outlook - The consolidated two-year sales backlog for 2025-2026 is $1.3 billion, impacted by launch delays and lower volumes on certain electric vehicle programs[15] - For 2025, Lear's financial outlook includes net sales projected between $21.875 billion and $22.875 billion[17] - The company anticipates future operating results will be influenced by factors such as industry production volumes and supply chain disruptions[25] Restructuring Costs - The company reported a restructuring cost of $158.5 million in 2024, compared to $152.4 million in 2023, indicating an increase of about 4.0%[39]

SOUTHFIELD, Mich., Feb. 6, 2025 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today reported results for the fourth quarter and full year 2024 and provided its financial outlook for the full year 2025.Fourth Quarter 2024 Highlights Delivered revenue of $5.7 billion in the fourth quarter, compared to $5.8 billion in the fourth quarter of 2023 Net income of $88 million and adjusted net income of $161 million, compared to $127 million and $177 mil ...

SOUTHFIELD, Mich., Feb. 5, 2025 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, announced today a key engineering integration with General Motors, beginning in the second quarter of 2025. A first of its kind, the ComfortMax Seat integrates thermal comfort technologies into trim covers, providing occupant comfort and well-being, superior thermal management and improved manufacturing efficiency. "We are honored to partner with General Motors, a com ...

SOUTHFIELD, Mich., Feb. 4, 2025 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced it has purchased StoneShield Engineering, a privately held system integrator based in Castelo Branco, Portugal.Founded in 2017, StoneShield Engineering specializes in the design and development of automation technology for the wire harness industry. Key areas of expertise include robotics, automated taping applications and high voltage harness assembly ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Lear (LEA) . This company, which is in the Zacks Automotive - Original Equipment industry, shows potential for another earnings beat.This automotive seating and electrical distribution systems company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boast ...

Investors with an interest in Automotive - Original Equipment stocks have likely encountered both Lear (LEA) and Hesai Group Sponsored ADR (HSAI) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earning ...

Core Insights - The article discusses the investment position in LEA, indicating a beneficial long position through various means such as stock ownership and derivatives [1] Group 1 - The author expresses personal opinions regarding the investment in LEA without receiving compensation from the company [1] - The article emphasizes the importance of conducting due diligence and research before making any investment decisions [2] - It highlights that past performance does not guarantee future results, and no specific investment recommendations are provided [3]