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Lear operating earnings hike 7% in 2013
Feb '14
Lear Corporation, a leading global supplier of automotive seating and electrical distribution systems, reported financial results for the fourth quarter and full year 2013 and confirmed its full year 2014 financial outlook.  
Fourth Quarter 2013
-Sales of $4.3 billion, up 14% from a year ago
-Core operating earnings of $208 million, up 9%
-Adjusted earnings per share of $1.55, up 5%
-Free cash flow of $259 million
-Record sales and earnings in Electrical; 17th consecutive quarter of year-over-year margin improvement
-Full Year 2013
4th consecutive year of higher sales and adjusted earnings per share
-Sales of $16.2 billion, up 11% from a year ago
-Core operating earnings of $839 million, up 10%
-Adjusted earnings per share of $5.90, up 7%
-Free cash flow of $367 million
-Record sales in Electrical of $4.2 billion and adjusted margin of 10.1%, up from 7.3% last year
-Returned $1.1 billion to shareholders through share repurchases and dividends
Business Conditions
In the fourth quarter, global vehicle production increased 6% from a year ago, reflecting production increases in each of the three largest automotive markets in the world.  Production was up 20% in China, 5% in North America and 4% in Europe & Africa.  Production was down 7% in South America.  For the full year, global vehicle production improved by 4% from a year ago to a record 82.6 million vehicles.  Production in China, North America and Europe & Africa increased by 14%, 5% and 1%, respectively in 2013.
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Lear Corporation

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