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Dec 31, 2023
Lear Q4 2023 Earnings Report
Lear's Q4 2023 performance reflected increased sales and core operating earnings.
Key Takeaways
Lear Corporation reported a 9% increase in sales to $5.8 billion and a 9% increase in core operating earnings to $288 million for the fourth quarter of 2023. Earnings per share increased to $2.18, and adjusted earnings per share rose to $3.03. The company repurchased $175 million of Lear shares during the quarter.
Sales increased by 9% to $5.8 billion compared to Q4 2022.
Net income reached $127 million, and adjusted net income was $177 million.
Core operating earnings increased by 9% to $288 million.
Free cash flow was $377 million, up from $342 million in Q4 2022.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Lear expects increased revenue, earnings, and cash flow in 2024, assuming global industry production will be 1% lower than in 2023.
Positive Outlook
- Net Sales: $24,000 million - $24,600 million
- Core Operating Earnings: $1,155 million - $1,305 million
- Adjusted EBITDA: $1,795 million - $1,945 million
- Operating Cash Flow: $1,275 million - $1,425 million
- Free Cash Flow: $600 million - $750 million
Challenges Ahead
- Global industry production is assumed to be 1% lower than in 2023.
- Restructuring Costs: Approximately $125 million
- Capital Spending: Approximately $675 million
- Guidance based on average exchange rate of $1.09/Euro
- Guidance based on average exchange rate of 7.15 RMB/$
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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