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 ...

And so itÂ's been very successful. ItÂ's one of the reasons why we look at our quarter-over-quarter expectations and improvements, not just this year but the out years. ItÂ's really paying dividends. Â Jason Cardew Our next question comes from John Murphy from Bank of America. Please go ahead. Jason Cardew Good morning – question on this automation front. I mean, could you give us a rough estimate of how much of your operating cost is made up by labor? And then as you think about automation, does that ultim ...

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% ...

Financial Performance - Lear Corporation reported record revenue of $6.0 billion for Q1 2024, a 3% increase from $5.8 billion in Q1 2023[4] - Net income for Q1 2024 was $110 million, with adjusted net income at $183 million, compared to $144 million and $166 million in Q1 2023, respectively[4] - Adjusted earnings per share increased by 14% to $3.18 in Q1 2024, up from $2.78 in the same period last year[4] - Core operating earnings rose 6% to $280 million, representing 4.7% of sales, compared to 4.5% of sales in Q1 2023[7] - Total net sales for the three months ended March 30, 2024, reached $5,994.6 million, an increase of 2.5% compared to $5,845.5 million for the same period in 2023[29] - North America net sales increased to $2,475.9 million, up 4.0% from $2,380.0 million year-over-year[29] - Adjusted net income for the three months ended March 30, 2024, was $183.2 million, compared to $165.8 million in the same period of 2023, reflecting an increase of 10.4%[31] - Core operating earnings for the period were $279.8 million, compared to $263.4 million in the same quarter of 2023, representing a growth of 6.5%[29] - The company reported a diluted net income per share of $1.90 for the three months ended March 30, 2024, down from $2.41 in the same period of 2023[31] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q1 2024 were $930 million, with total liquidity of $2.9 billion[4] - Free cash flow for the three months ended March 30, 2024, was $(148.2) million, slightly worse than $(147.4) million in the prior year[29] - Lear increased its share repurchase authorization to $1.5 billion, with $30 million repurchased in Q1 2024[10] Business Developments - The company announced the acquisition of WIP Industrial Automation, expected to close by Q3 2024, to enhance automation and AI capabilities[4] - Lear initiated validation work for its first complete seat module, set to launch in North America in 2026, as part of its thermal comfort strategy[5] Market Conditions - Global vehicle production decreased by 1% year-over-year, with Lear's sales-weighted basis remaining flat[6] Segment Performance - Seating segment net sales were $4,477.6 million, with adjusted segment earnings of $294.9 million, down from $300.4 million in the previous year[33] - E-Systems segment net sales increased to $1,517.0 million, with adjusted segment earnings rising to $77.1 million from $48.9 million year-over-year[33] Balance Sheet - Total assets increased to $14,872.0 million as of March 30, 2024, compared to $14,695.5 million at the end of 2023[26] - Total liabilities decreased slightly to $9,885.8 million as of March 30, 2024, from $9,634.9 million at the end of 2023[26] Financial Outlook - The financial outlook for 2024 includes net sales projected between $24 billion and $24.6 billion[12]

The first-quarter earnings season for the Auto-Tires-Trucks sector has shifted to high gear this week. So far, four S&P 500 sector components — Tesla, Genuine Parts, General Motors, LKQ Corp— have reported quarterly numbers. Results have been mixed so far. While Tesla and LKQ missed earnings estimates, General Motors and Genuine Parts surpassed the same.Per the Earnings Trend report dated Apr 17, the auto sector’s earnings for the first quarter of 2024 are expected to decline 29.5% on a year-over-year basis ...

Lear (LEA) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 30. On the ot ...

Production and Sales Performance - Lear Corporation reported a total light vehicle production of 88,619.2 thousand units in 2023, a 9% increase from 81,049.7 thousand units in 2022[29]. - Sales in North America reached $9,503.4 million in 2023, up 7% from $8,910.7 million in 2022, while total sales increased by 12% to $23,466.9 million[29]. - The automotive industry production increased by 9% in 2023 compared to 2022, reflecting a return to pre-pandemic levels but remaining 5% below the 2017 peak[27]. - Crossover and sport utility vehicle production accounted for approximately 46% of total vehicle production in 2023, up from 33% five years ago, positively impacting Lear's business[31]. - Net sales for the year ended December 31, 2023, consisted of 27% from passenger cars, 54% from crossover and sport utility vehicles, and 19% from trucks and vans[106]. Market Trends and Innovations - The battery electric vehicle market is projected to represent 15% of global light vehicle production in 2024, up from 12% in 2023 and 10% in 2022[30]. - The company has developed a new technology for customizable leather designs, improving comfort and style while enabling airflow for ventilated seats, with production expected to launch in 2024[52]. - The company is focusing on sustainable materials, including a fully recyclable fabric made from 100% recycled plastic bottles, set to launch with a global automotive manufacturer in 2024[52]. - The company has developed a zero gravity seat for second-row occupants, featuring a 65-degree recline and various comfort enhancements, with production expected to launch in 2024[55]. - The company has developed products designed for high-voltage applications, capitalizing on evolving regulatory requirements and consumer preferences[84]. Strategic Acquisitions and Partnerships - Lear Corporation's acquisitions include I.G. Bauerhin for approximately $175 million in April 2023, enhancing its thermal comfort systems portfolio[28]. - Recent acquisitions, including Kongsberg ICS and IGB, enhance capabilities in thermal comfort systems and support the electrification trend[33][43]. - The company has established partnerships to enhance its connection systems business, including a collaboration with Hu Lane Associate Inc. to access a broader catalog of automotive connector products[66]. - The company operates sixteen joint ventures in five countries, with a significant focus on expanding relationships with Asian automotive manufacturers[116]. Financial Performance and Risks - The company aims to maintain a strong balance sheet with investment-grade credit metrics while consistently returning capital to stockholders[17]. - The company has approximately 2,600 patents and patent applications pending, indicating a strong focus on intellectual property and innovation[110]. - The company is exposed to market risks associated with fluctuations in foreign exchange rates due to its low-cost footprint and vertical integration strategies[107]. - The automotive industry is cyclical, and a decline in production levels of major customers could adversely affect the company's financial performance[120]. - The company is exposed to financial performance risks due to potential disruptions in the supply chain, which may arise from adverse developments affecting suppliers or natural disasters[126]. Sustainability and Corporate Responsibility - The company aims for 100% renewable energy usage for electricity consumption and a 50% reduction in carbon emissions at its sites globally by 2030, with aspirations for carbon neutrality by 2050[80]. - The company is committed to sustainability, with products like FlexAir and ReNewKnit made from 100% recycled materials[35][42]. - The company is committed to diversity, equity, and inclusion, with over 200,000 hours of DEI and anti-harassment training completed by employees since 2022[95]. - The company is involved in various legal and regulatory proceedings that could adversely affect its financial performance[150]. - The company anticipates significant costs due to increasing human rights and environmental regulations globally, which may require investments in new innovations and changes in production processes[151]. Operational Efficiency and Technology - Lear Corporation operates 265 manufacturing, engineering, and administrative locations across 38 countries, with 68% of manufacturing facilities in low-cost countries[16]. - Lear Corporation's strategy includes investments in Industry 4.0 technologies to enhance operational efficiencies and streamline administrative functions[20]. - The company has invested in Industry 4.0 technologies, including the 2022 acquisitions of Thagora and InTouch, resulting in operational efficiencies in manufacturing processes[55]. - The company conducts advanced technology development at seven centers worldwide, focusing on compliance with safety standards and customer requirements[111]. - The company has achieved a 20% weight reduction, 32% size reduction, and 135% gain in current-carrying capability for its high-voltage power distribution products compared to existing offerings[74]. Employee Engagement and Workforce - The company employs approximately 186,600 employees worldwide as of December 31, 2023, an increase from 168,700 in 2022[90]. - The company has implemented a global employee engagement program, "Together We Win," which focuses on driving cultural change and improving operational efficiency[101]. - Approximately 88,000 employees are covered by labor agreements, with 86% of the global unionized workforce's agreements set to expire in 2024, posing risks of labor disputes that could impact operations[127]. Challenges and Future Outlook - The automotive industry is highly competitive, with pressures from traditional and non-traditional entrants that could impact pricing and margins[135]. - The shift towards electrification in the transportation industry poses risks; failure to innovate could lead to decreased demand for certain products[136]. - Cybersecurity threats and disruptions in information technology systems could adversely affect operations and financial performance[137]. - Future public health crises, similar to the COVID-19 pandemic, could disrupt operations and negatively impact financial condition and liquidity[140]. - The company regularly monitors goodwill and long-lived assets for impairment, which could result in significant charges to earnings if impairment is identified[143].