Lear operating earnings hike 7% in 2013

01 Feb '14

2 min read

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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