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Sep 30, 2023
Lear Q3 2023 Earnings Report
Lear's Q3 2023 results were reported, showing increased sales, net income, and earnings per share compared to the same period last year, and the full year 2023 financial outlook was raised.
Key Takeaways
Lear Corporation reported a 10% increase in sales to $5.8 billion for the third quarter of 2023. Net income rose to $133 million, and earnings per share reached $2.25. The company increased its full year 2023 financial outlook, despite an anticipated $350 million sales impact from industry disruptions related to the ongoing UAW strike.
Sales increased by 10% to $5.8 billion compared to Q3 2022.
Net income reached $133 million, up from $92 million in the same quarter last year.
Earnings per share increased to $2.25, compared to $1.54 in Q3 2022.
Free cash flow was $251 million, significantly higher than the $112 million reported in the third quarter of 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Lear Corporation updated its full year 2023 financial outlook, increasing it from the midpoint of the prior outlook. This forecast includes an estimated $350 million sales impact from industry disruptions related to the ongoing UAW strike, with approximately $325 million of that impact expected in the fourth quarter.
Positive Outlook
- Net Sales: $23,100 million - $23,300 million
- Core Operating Earnings: $1,085 million - $1,125 million
- Adjusted EBITDA: $1,685 million - $1,725 million
- Operating Cash Flow: $1,230 million - $1,270 million
- Free Cash Flow: $555 million - $595 million
Challenges Ahead
- The full year financial outlook assumes a $350 million sales impact from industry disruptions related to the ongoing UAW strike.
- Restructuring Costs: Approximately $125 million
- Capital Spending: Approximately $675 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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