Lear Corporation, a global automotive technology leader in Seating and E-Systems, increased the Company’s 2023 financial outlook and Seating target margins during its Seating Product Day.
Lear also shared details on its latest technologies and announced new business awards in Thermal Comfort Systems that will support market share gains and earnings growth in Seating.
- Increased 2023 outlook for net sales, core operating earnings and free cash flow
- Increased JIT seating market share target to 29% (from 28%) by 2027 and introduced overall Seating market share target of 32% by 2027
- Increased Seating target margin range to 8.5% to 9.0% (from 7.5% to 8.5%)
- Expect Seating adjusted earnings to increase by ≈$700 million from 2023 to 2027
- 2023 Thermal Comfort Systems awards are more than 40% ahead of last year
- Targeting #1 or #2 market positions for key Thermal Comfort Systems product categories by 2027
- Announced that Lear controls 259 patent assets on FlexAir™ and modularity
- Increased expected Thermal Comfort Systems total addressable market industry outgrowth to 4 percentage points (from 2 percentage points) annually through 2027
- Increased Thermal Comfort Systems revenue target to $1 billion (from $800 million) by 2027
- Awarded first-to-market contract to supply INTU™ products on several future vehicle models with an ultra-luxury European automaker
- Awarded first FlexAir™ production contract on a crossover vehicle launching in 2024 with an Asian automaker
- Announced exclusive automotive license for FlexAir™ technology
- Announced 16 development projects on 41 platforms for FlexAir™ and modularity