Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today reported results for the fourth quarter and full year 2019. Highlights include:
Fourth Quarter 2019
- Sales of $4.8 billion, compared to $4.9 billion in the fourth quarter of 2018
- Net income of $126 million and adjusted net income of $161 million, compared to $212 million and $261 million, respectively, in the prior year
- Core operating earnings of $241 million, compared to $389 million in the fourth quarter of 2018
- Earnings per share of $2.50 and adjusted earnings per share of $2.64, compared to $3.39 and $4.05, respectively, in the fourth quarter of 2018
- Net cash provided by operating activities of $485 million and free cash flow of $291 million
Full Year 2019
- Sales of $19.8 billion, compared to $21.1 billion for the full year 2018
- Net income of $754 million and adjusted net income of $866 million, compared to $1,150 million and $1,205 million, respectively, in the prior year
- Core operating earnings of $1,309 million, compared to $1,749 million for the full year 2018
- Earnings per share of $12.75 and adjusted earnings per share of $13.99, compared to $17.22 and $18.22, respectively, for the full year 2018
- Net cash provided by operating activities of $1.3 billion and free cash flow of $680 million
“Lear delivered solid financial results in 2019, considering the challenging macroeconomic and industry environment. Our financial results were affected by a 6% decline in industry production, an extended labor strike at our largest customer, and the weakening of global currencies against the U.S. dollar,” said Ray Scott, Lear’s President and Chief Executive Officer. “During 2019, we launched over $1 billion in new business, maintained our focus on operational excellence, and improved efficiencies. Though the environment remains challenging, we are confident in our ability to deliver profitable growth, generate strong cash flow, and increase long-term shareholder value.”
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SOURCE: Lear
