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Lear operating earnings hike 7% in 2013
01
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.  
 
Highlights:
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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