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Dec 31, 2022
Lear Q4 2022 Earnings Report
Reported fourth quarter and full year 2022 results and provided full year 2023 outlook.
Key Takeaways
Lear Corporation reported a 10% increase in sales to $5.4 billion for the fourth quarter of 2022, with sales growth over market of 7 percentage points. Net income was $118 million, and adjusted net income was $168 million. The company's cash flow exceeded the high end of its guidance range, reflecting early benefits from its Lear Forward plan.
Sales increased 10% to $5.4 billion, compared to $4.9 billion in the fourth quarter of 2021.
Sales growth over market of 7 percentage points, with E-Systems at 8 percentage points and Seating at 7 percentage points.
Net income of $118 million and adjusted net income of $168 million, compared to $22 million and $74 million, respectively, in the fourth quarter of 2021.
Net cash provided by operating activities of $537 million and free cash flow of $342 million, compared to $167 million and $(13) million, respectively, in the fourth quarter of 2021.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Lear provided its financial outlook for the full year 2023, assuming global industry production will be 1% higher than in 2022.
Positive Outlook
- Net Sales: $21,200 - $22,200 million
- Core Operating Earnings: $875 - $1,075 million
- Adjusted EBITDA: $1,475 - $1,675 million
- Operating Cash Flow: $1,075 - $1,225 million
- Free Cash Flow: $375 - $525 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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