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Last $113.70 USD
Change Today -0.62 / -0.54%
Volume 416.5K
LEA On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

lear corp (LEA) Key Developments

Lear Corp. Re-affirms Earnings Guidance for 2015

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

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.

Lear Corp. Declares Quarterly Dividend, Payable on March 23, 2015

The Board of Lear Corp. increased by 25% the quarterly cash dividend on the company's common stock from $0.20 per share to $0.25 per share. The dividend is payable on March 23, 2015 to shareholders of record at the close of business on March 4, 2015.

Lear Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015

Lear Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $4,549.7 million compared with $4,256.1 million for the same period a year ago. Consolidated income before income taxes and equity in net loss of affiliates was $219.0 million compared with $131.1 million for the same period a year ago. Net income attributable to Lear was $261.8 million or $3.24 per diluted share compared with $72.8 million or $0.88 per diluted share for the same period a year ago. Net cash provided by operating activities was $516.1 million compared with $390.5 million for the same period a year ago. Adjusted capital expenditures were $143.9 million compared with $131.4 million for the same period a year ago. Free cash flow was $372.2 million compared with $259.1 million for the same period a year ago. Core operating earnings was $280.3 million compared with $208.2 million for the same period a year ago. Adjusted net income attributable to Lear was $183.4 million or $2.27 per diluted share compared with $128.8 million or $1.55 per diluted share for the same period a year ago. For the full year 2015, the company reported net sales of $17,727.3 million compared with $16,234.0 million for the same period a year ago. Consolidated income before income taxes and equity in net income of affiliates was $787.4 million compared with $610.1 million for the same period a year ago. Net income attributable to Lear was $672.4 million or $8.23 per diluted share compared with $431.4 million or $4.99 per diluted share for the same period a year ago. Net cash provided by operating activities was $927.8 million compared with $820.1 million for the same period a year ago. Adjusted capital expenditures were $424.7 million compared with $453.5 million for the same period a year ago. Free cash flow was $503.1 million compared with $366.6 million for the same period a year ago. Core operating earnings was $1,049.6 million compared with $839.4 million for the same period a year ago. Adjusted net income attributable to Lear was $665.9 million or $8.23 per diluted share compared with $510.0 million or $4.99 per diluted share for the same period a year ago. The company provided earnings guidance for the full year of 2015. Sales in 2015 are expected to be in the range of $18.5 to $19.0 billion, and core operating earnings are expected to be in the range of $1.175 to $1.225 billion.  The increased earnings reflect higher sales and improving company margins.  Free cash flow in 2015 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.  Effective tax rate is expected to be approximately 30% in 2015.  Adjusted net income attributable to Lear is expected to be in the range of $720 to $755 million.  Capital spending in 2015 is estimated to be approximately $500 million.

Lear Corp. to Redeem 8.125% Senior Notes Due 2020

On January 29, 2015, Lear Corp. gave notice to the trustee under the indenture, as amended and supplemented, pursuant to which its 8.125% Senior Notes due 2020 (the Notes) were issued, that the Company has elected to redeem all of the outstanding aggregate principal amount of the Notes on March 15, 2015, at a redemption price equal to 104.063% of the aggregate principal amount of the Notes being redeemed. Originally, $350 million in aggregate principal amount of the Notes were issued under the indenture, and as of the date of this Current Report on Form 8-K, $245 million in aggregate principal amount of the Notes is outstanding.

 

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