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Jul 01, 2023
Lear Q2 2023 Earnings Report
Improved second quarter 2023 results with record sales and improved operating results.
Key Takeaways
Lear Corporation reported record sales of $6.0 billion, an 18% increase compared to the second quarter of 2022. The company's core operating earnings increased by 61% to $302 million, and earnings per share rose to $2.84. Lear's positive momentum accelerated, driven by growth in both the Seating and E-Systems segments.
Sales increased 18% to a record $6.0 billion, outperforming global industry production.
Net income reached $169 million, with adjusted net income at $198 million.
Core operating earnings increased 61% to $302 million.
Net cash provided by operating activities was $311 million, with free cash flow of $159 million.
Revenue by Segment
Forward Guidance
Lear's 2023 financial outlook, updated on June 27, 2023, includes net sales between $22,350 million and $23,050 million, core operating earnings between $1,010 million and $1,140 million, and free cash flow between $480 million and $580 million.
Positive Outlook
- Net Sales: $22,350 million - $23,050 million
- Core Operating Earnings: $1,010 million - $1,140 million
- Adjusted EBITDA: $1,610 million - $1,740 million
- Operating Cash Flow: $1,180 million - $1,280 million
- Free Cash Flow: $480 million - $580 million
Challenges Ahead
- Restructuring Costs: ≈$100 million
- Capital Spending: ≈$700 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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