Lear Corp

LEA

Equity

ISIN US5218652049 / Valor 10728301

New York Stock Exchange, Inc (2024-09-18)

USD 107.21-0.15%

Lear Corp
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About company

Lear Corporation is a prominent entity in the global automotive industry, specializing in two primary sectors: Seating and E-Systems. The company is renowned for its innovative approach to enhancing in-vehicle experiences, offering a wide range of products and services designed to improve comfort, safety, and the overall driving experience. In the Seating segment, Lear provides advanced seating solutions that cater to a variety of needs and preferences, ensuring passenger comfort across different vehicle types. Meanwhile, its E-Systems division focuses on the development and integration of electrical and electronic systems within vehicles, which are crucial for the functionality of modern automobiles, including connectivity, electrification, and autonomous driving technologies. Through its comprehensive portfolio and commitment to innovation, Lear Corporation plays a crucial role in shaping the future of mobility, serving automotive manufacturers worldwide.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Revenue Growth

In the first quarter of 2024, Lear Corp reported a record revenue of $6.0 billion, marking a 3% increase from $5.8 billion in the first quarter of 2023. This growth was primarily driven by a 10 percentage point growth over market in the E-Systems segment, demonstrating Lear's strong performance despite global industry challenges.

Net Income and Adjusted Earnings

Lear Corp achieved a net income of $110 million and an adjusted net income of $183 million in the first quarter of 2024. These figures compare to a net income of $144 million and an adjusted net income of $166 million in the same quarter of the previous year, indicating a robust improvement in profitability.

Earnings Per Share

The company reported earnings per share (EPS) of $1.90 and an adjusted EPS of $3.18 for the first quarter of 2024. This represents an increase from the EPS of $2.41 and adjusted EPS of $2.78 reported in the first quarter of 2023, reflecting a 14% increase in adjusted earnings per share year-over-year.

Cash Flow and Liquidity

During the first quarter of 2024, Lear Corp experienced a net cash use in operating activities of $(35) million and reported a free cash flow of $(148) million. These figures are closely aligned with the previous year's performance, demonstrating stability in the company's cash flow management amidst its growth initiatives.

Share Repurchase and Dividends

Lear Corp continued to return value to its shareholders through its share repurchase and dividend programs. In the first quarter of 2024, the company repurchased $30 million of its shares and paid $46 million in dividends. Additionally, Lear increased its share repurchase authorization to $1.5 billion and extended the authorization period until December 31, 2026.

Summarized from source with an LLMView Source

Key figures

-21.5%1Y

-30.0%3Y

-9.86%5Y

Performance

26.6%1Y

34.5%3Y

40.5%5Y

Volatility