Welcome to our dedicated page for Lear Corporation news (Ticker: $LEA), a resource for investors and traders seeking the latest updates and insights on Lear Corporation stock.
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Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Lear Corporation's position in the market.
Lear (LEA) reported strong first quarter 2024 results with record revenue of $6.0 billion, a 3% increase year-over-year. The company's net income was $110 million, adjusted net income was $183 million, core operating earnings increased 6% to $280 million, and earnings per share were $1.90. Lear acquired WIP Industrial Automation, had significant growth in E-Systems, and announced new projects. Cash and cash equivalents stood at $930 million at quarter end. The company repurchased $30 million of shares and extended its authorization to $1.5 billion until 2026. The financial outlook for 2024 remains positive with expected net sales between $24,000 million and $24,600 million.
Lear announced the acquisition of WIP Industrial Automation, a Spanish systems integrator specializing in advanced automation solutions. The acquisition enhances Lear's robotics and AI capabilities, enabling more efficient operations. The deal is expected to close by Q3 2024, expanding Lear's global automation and digital capabilities.
