lear corp (LEA) Key Developments
Lear Plans to Open Automotive Seat Cover Plant in Gostivar, Macedonia
May 19 15
Lear Corporation announced its plans to open a new automotive plant to produce seat covers in Gostivar, Macedonia, in summer 2015. Serving all major European automotive manufacturers, Lear's new facility will initially employ approximately 300 people, with an emphasis on leather and fabric cutting and sewing capability. Further expansion is expected. With the completion in January 2015 of the acquisition of Eagle Ottawa, Lear Corporation is the world's leading supplier of premium automotive leather, with enhanced global Seating capabilities in the areas of craftsmanship, design options and overall value.
Lear Corporation Declares Quarterly Cash Dividend, Payable on June 24, 2015
May 14 15
Lear Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per share on the company's common stock. The dividend is payable on June 24, 2015 to shareholders of record at the close of business on June 5, 2015.
Lear Corporation Reports Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Year 2015
Apr 24 15
Lear Corporation reported unaudited consolidated financial results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $4,521.4 million against $4,359.8 million a year ago. Consolidated income before income taxes and equity in net income of affiliates was $206.3 million against $169.3 million a year ago. Net income attributable to the company was $147.3 million against $122.0 million a year ago. Diluted net income per share attributable to the company was $1.86 against $1.47 a year ago. Net cash used in operating activities was $66.6 million against $54.2 million a year ago. Capital expenditures were $98.8 million against $96.4 million a year ago. Free cash flow was negative of $119.7 million against $150.6 million a year ago. Pretax income before equity income, interest and other expense was $260.7 million against $215.3 million a year ago. Core operating earnings was $293.6 million against $243.2 million a year ago. Adjusted net income attributable to the company was $180.5 million against $152.0 million a year ago. Adjusted earnings per share were $2.28 against $1.84 a year ago. Sales increased by 4% from a year ago, this includes the $369 million unfavorable impact from foreign exchange related primarily to a weaker euro and Brazilian real. Pretax income before equity income, interest and other expense was $261 million, up $45 million from a year ago. The increase in earnings primary reflects favorable operating performance, the benefit of new business, increased production on key platforms and the Eagle Ottawa acquisition, partially offset by the unfavorable impact of foreign exchange. Free cash flow primarily reflecting the timing of March 28 fiscal quarter-end, as well as increased working capital to support sales growth. The early fiscal quarter-end negatively impacted free cash flow as there were significant customer payments received just after quarter-end.
The company provided earnings guidance for the year 2015. For the period, sales are expected to be in the range of $18.0 to $18.5 billion, and core operating earnings are expected to be in the range of $1.175 to $1.225 billion. Free cash flow is expected to be approximately $575 million. Pretax income before restructuring costs and other special items is estimated to be in the range of $1.08 to $1.13 billion in 2015. Effective tax rate is expected to be approximately 30%. Adjusted net income attributable to company is expected to be in the range of $720 to $755 million. Pretax operational restructuring costs in 2015 are estimated to be about $80 million. Capital spending is estimated to be approximately $500 million.
Lear Corp. Re-affirms Earnings Guidance for 2015
Apr 1 15
Lear Corp. reaffirmed its earnings guidance for 2015, with core operating earnings of $1.18 billion to $1.23 billion, and adjusted net income of $720 million to $750 million. The company now sees fiscal 2015 sales of $18 billion to $18.5 billion, down from a previous guidance of $18.5 billion to $19.0 billion.
Lear Corp. Presents at Bank of America Merrill Lynch's Annual New York Auto Summit 2015, Apr-01-2015 03:40 PM
Mar 18 15
Lear Corp. Presents at Bank of America Merrill Lynch's Annual New York Auto Summit 2015, Apr-01-2015 03:40 PM. Venue: JW Marriott Essex House, 160 Central Park South, New York, NY 10019, United States. Speakers: Jeffrey H. Vanneste, Chief Financial Officer and Senior Vice President, Matthew J. Simoncini, Chief Executive Officer, President and Director.