Lear(US:LEA)2025-02-06 12:00Financial 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]