Lear Reports Fourth Quarter and Full Year 2024 Results
Rhea-AI Summary
Lear (NYSE: LEA) reported its Q4 and full year 2024 results, showing mixed performance. Q4 revenue decreased to $5.7 billion from $5.8 billion year-over-year, with net income falling to $88 million from $127 million. Full-year 2024 revenue was $23.3 billion, down from $23.5 billion in 2023.
The company outperformed industry volume by 2 percentage points, with E-Systems showing 6 percentage points growth. Notable achievements include reducing global hourly headcount by 9% in Seating and 8% in E-Systems, and returning $574 million to shareholders through share repurchases and dividends. The company maintained strong liquidity with $1.1 billion in cash and total liquidity of $3.1 billion.
Looking ahead, Lear provided 2025 guidance with net sales projected between $21.875-22.875 billion and core operating earnings of $915-1,175 million. The company announced a two-year sales backlog of $1.3 billion for 2025-2026, though noting impacts from launch delays and lower electric vehicle program volumes.
Positive
- Strong cash flow with $681 million from operations in Q4
- E-Systems margins improved for second consecutive year
- $1.3 billion consolidated two-year sales backlog for 2025-2026
- Returned $574 million to shareholders through dividends and buybacks
- Achieved 9% and 8% headcount reduction in Seating and E-Systems
Negative
- Q4 revenue declined 2% to $5.7 billion YoY
- Q4 net income decreased to $88.1 million from $127.3 million YoY
- Full year 2024 revenue dropped to $23.3 billion from $23.5 billion
- 2025 guidance suggests potential revenue decline
- Launch delays and lower EV program volumes affecting sales backlog
Insights
Lear's Q4 and FY2024 results reveal a complex picture of resilience amid challenging market conditions. The company's financial metrics show some concerning trends that warrant investor attention:
Revenue and Profitability Pressure: The
Segment Performance: E-Systems showed encouraging signs with margin improvement for the second consecutive year, while Seating faces more significant challenges. The segment margins (Seating:
Strategic Positioning: The reduced 2025-2026 backlog of
Financial Health: The robust cash position of
2025 Outlook Implications: The conservative guidance, assuming a
The operational transformation at Lear demonstrates a strategic pivot toward enhanced automation and manufacturing efficiency:
Workforce Optimization: The successful execution of headcount reduction targets (exceeding goals in both segments) positions the company for improved operational efficiency and margin expansion. This restructuring appears well-timed given the challenging market conditions.
Technology Integration: The strategic acquisitions in automation technology, particularly StoneShield Engineering and WIP Industrial Automation, represent a significant advancement in manufacturing capabilities. The IDEA by Lear initiative could drive substantial efficiency gains in wire harness production, a traditionally labor-intensive process.
Innovation Leadership: The launch of ComfortFlex™ and validation of ComfortMax Seat™ technologies, with 19 contracts worth approximately
Quality Recognition: Eight top-three finishes in the J.D. Power Seat Quality study, including a sweep of the Premium Car category, validates the effectiveness of Lear's quality control systems and manufacturing processes.
Fourth Quarter 2024 Highlights
- Delivered revenue of
$5.7 billion $5.8 billion - Net income of
$88 million $161 million $127 million $177 million - Core operating earnings of
$258 million $288 million - Earnings per share of
$1.61 $2.94 $2.18 $3.03 - Net cash provided by operating activities of
$681 million $489 million $570 million $377 million - Repurchased
$101 million $42 million - Industry first new business award to provide Lear's INTUTM radar and software technology to a European luxury automaker
- Integrating Lear's ComfortMax SeatTM into select GM vehicles, launching in the second quarter of 2025, which will be the industry's first incorporation of thermal comfort technologies into Lear's trim covers
- Acquired StoneShield Engineering to enhance our IDEA by LearTM advanced automation capabilities, improving our wire harness production efficiency in E-Systems
Full Year 2024 Highlights
- Delivered revenue of
$23.3 billion $23.5 billion - Total company revenue growth outperformed industry volume by 2 percentage points, including 6 percentage points in E-Systems. While consolidated Seating outgrowth was less than 1 percentage point, it was 2 percentage points including growth through our non-consolidated joint ventures
- Net income of
$507 million $713 million $573 million $710 million - Core operating earnings of
$1,096 million $1,120 - Earnings per share of
$8.97 $12.62 $9.68 $12.02 - Increased adjusted earnings per share for the fourth consecutive year
- Net cash provided by operating activities of
$1,120 million $561 million $1,249 million $638 million - Repurchased
$400 million $174 million - Cash and cash equivalents at year-end of
$1.1 billion $3.1 billion - Improved E-Systems margins for the second consecutive year
- Introduced IDEA by Lear and acquired WIP Industrial Automation to strengthen our automation and artificial intelligence capabilities
- Reduced global hourly headcount by
9% in Seating and8% in E-Systems, exceeding targets in both segments - Continued to grow in
China with numerous awards with BYD, Leapmotor, Geely and Xiaomi in Seating and Changan and the Dongfeng Group in both Seating and E-Systems - Launched the industry's first ComfortFlexTM module, combining heat, ventilation and massage, with Volvo
- Awarded 19 contracts for ComfortMax Seat by LearTM, ComfortFlexTM and FlexAir applications representing ≈
$135 million of annual revenue - Completed validation of first ComfortMax SeatTM application with Ford
- Named a 2025 Automotive News PACE Award finalist for our Zone Control Module featuring a highly configurable software solution
- Awarded eight top-three finishes – more than twice as many as the next closest competitor – in the J.D. Power 2024 U.S. Seat Quality and Satisfaction StudySM, including a sweep of all three awards in the Premium Car category
"Lear delivered solid results in 2024 despite continuing macroeconomic and industry headwinds, with both segments outgrowing the market. Strong cash flow generation enabled us to return
Fourth Quarter Financial Results (in millions, except per share amounts)
| |||
2024 | 2023 | ||
Reported | |||
Sales | |||
Net income | |||
Earnings per share | |||
Adjusted(1) | |||
Core operating earnings | |||
Adjusted net income | |||
Adjusted earnings per share | |||
In the fourth quarter, global vehicle production was up
Sales in the fourth quarter were
Core operating earnings were
In the Seating segment, margins and adjusted margins were
Earnings per share were
In the fourth quarter of 2024, net cash from operating activities was
Full Year Financial Results
| |||
2024 | 2023 | ||
Reported | |||
Sales | |||
Net income | |||
Earnings per share | |||
Adjusted(1) | |||
Core operating earnings | |||
Adjusted net income | |||
Adjusted earnings per share | |||
For the full year 2024, global vehicle production declined by
Sales for the full year were
Core operating earnings were
In the Seating segment, margins and adjusted margins were
Earnings per share were
For the full year of 2024, net cash provided by operating activities was
(1) For more information regarding our non-GAAP financial measures, see "Non-GAAP Financial Information" below.
(2) The global and regional production changes are based on S&P Global estimates. The production change on a Lear sales-weighted basis is calculated using Lear's prior year regional sales mix and fourth quarter fiscal calendar. Management believes this provides a more meaningful comparison of the Company's global revenue growth relative to global vehicle production.
Share Repurchase Program
During the fourth quarter of 2024, Lear repurchased 1,009,079 shares of our common stock for a total of
Since initiating the share repurchase program in 2011, we have repurchased 59.1 million shares of our common stock for a total of
2025-2026 Sales Backlog
The consolidated two-year 2025-2026 core sales backlog is
2025 Financial Outlook
At the midpoint of our guidance range, we have assumed that global industry production will be
Our 2025 financial outlook is summarized below:
Full Year 2025 Financial Outlook | |||
Net Sales | |||
Core Operating Earnings | |||
Adjusted EBITDA | |||
Restructuring Costs | ≈ | ||
Operating Cash Flow | |||
Capital Spending | ≈ | ||
Free Cash Flow |
The financial outlook is based on a full year average exchange rate of
Certain of the forward-looking financial measures above are provided on a non-GAAP basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.
Fourth Quarter and Full Year 2024 Conference Call and Webcast Information
A conference call and webcast will be held to discuss Lear's fourth quarter and full year 2024 financial results and related matters on February 6, 2025, at 9:00 a.m. ET. The webcast link for the conference call will be available through Lear's investor relations webpage at ir.lear.com. In addition, the conference call can be accessed by dialing 1-877-883-0383 (domestic) or 1-412-902-6506 (international) with Conference I.D. 1508209. The webcast replay will be available two hours following the call.
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that core operating earnings, adjusted EBITDA, adjusted depreciation and amortization, adjusted net income and adjusted earnings per share are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures provide improved comparability between fiscal periods. Management believes that free cash flow is useful to both management and investors in their analysis of the Company's ability to service and repay its debt. Further, management uses these non-GAAP financial measures for planning and forecasting future periods.
Core operating earnings, adjusted EBITDA, adjusted depreciation and amortization, adjusted net income, adjusted earnings per share and free cash flow should not be considered in isolation or as a substitute for net income attributable to Lear, diluted net income per share attributable to Lear, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. In addition, the calculation of free cash flow does not reflect cash used to service debt and, therefore, does not reflect funds available for investment or other discretionary uses. Also, these non-GAAP financial measures, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, supply chain disruptions, labor disruptions, commodity prices, changes in foreign exchange rates, the impact of any potential changes to tariffs, the impact of restructuring actions and the Company's success in implementing its operating strategy.
Information in this press release relies on assumptions in the Company's core sales backlog. The Company's core sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs and excludes the impact of non-core products winding down in our E-Systems business. The Company enters into contracts with its customers to provide production parts generally at the beginning of a vehicle's life cycle. Typically, these contracts do not provide for a specified quantity of production, and many of these contracts may be terminated by the Company's customers at any time. Therefore, these contracts do not represent firm orders. Further, the calculation of the core sales backlog does not reflect customer price reductions on existing or newly awarded programs. The core sales backlog may be impacted by various assumptions embedded in the calculation, including vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.
The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.
About Lear Corporation
Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear's diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in
Lear Corporation and Subsidiaries Condensed Consolidated Statements of Income
(Unaudited; in millions, except per share amounts)
| ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Net sales | $ 5,714.6 | $ 5,841.2 | ||
Cost of sales | 5,327.5 | 5,436.0 | ||
Selling, general and administrative expenses | 166.6 | 172.6 | ||
Amortization of intangible assets | 10.6 | 15.1 | ||
Interest expense | 26.7 | 25.0 | ||
Other expense, net | 24.3 | 15.9 | ||
Consolidated income before income taxes and equity in net income of affiliates | 158.9 | 176.6 | ||
Income taxes | 57.3 | 46.7 | ||
Equity in net income of affiliates | (12.9) | (13.1) | ||
Consolidated net income | 114.5 | 143.0 | ||
Net income attributable to noncontrolling interests | 26.4 | 15.7 | ||
Net income attributable to Lear | $ 88.1 | $ 127.3 | ||
Diluted net income per share attributable to Lear | $ 1.61 | $ 2.18 | ||
Weighted average number of diluted shares outstanding | 54.8 | 58.5 | ||
Lear Corporation and Subsidiaries Condensed Consolidated Statements of Income
(In millions, except per share amounts)
| ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Net sales | $ 23,306.0 | $ 23,466.9 | ||
Cost of sales | 21,666.7 | 21,756.5 | ||
Selling, general and administrative expenses | 702.5 | 714.7 | ||
Amortization of intangible assets | 49.1 | 62.5 | ||
Interest expense | 106.2 | 101.1 | ||
Other expense, net | 48.6 | 54.9 | ||
Consolidated income before income taxes and equity in net income of affiliates | 732.9 | 777.2 | ||
Income taxes | 191.1 | 180.8 | ||
Equity in net income of affiliates | (50.0) | (49.3) | ||
Consolidated net income | 591.8 | 645.7 | ||
Net income attributable to noncontrolling interests | 85.2 | 73.2 | ||
Net income attributable to Lear | $ 506.6 | $ 572.5 | ||
Diluted net income per share attributable to Lear | $ 8.97 | $ 9.68 | ||
Weighted average number of diluted shares outstanding | 56.5 | 59.1 | ||
Lear Corporation and Subsidiaries Condensed Consolidated Balance Sheets
(In millions)
| ||||
December 31, | December 31, | |||
ASSETS | ||||
Current: | ||||
Cash and cash equivalents | $ 1,052.9 | $ 1,196.3 | ||
Accounts receivable | 3,589.3 | 3,681.2 | ||
Inventories | 1,601.1 | 1,758.0 | ||
Other | 940.8 | 1,001.4 | ||
7,184.1 | 7,636.9 | |||
Long-Term: | ||||
PP&E, net | 2,833.4 | 2,977.4 | ||
Goodwill | 1,699.2 | 1,737.9 | ||
Other | 2,310.8 | 2,343.3 | ||
6,843.4 | 7,058.6 | |||
Total Assets | $ 14,027.5 | $ 14,695.5 | ||
LIABILITIES AND EQUITY | ||||
Current: | ||||
Short-term borrowings | $ 26.7 | $ 27.5 | ||
Accounts payable and drafts | 3,250.5 | 3,434.2 | ||
Accrued liabilities | 2,167.6 | 2,205.2 | ||
Current portion of long-term debt | 2.2 | 0.3 | ||
5,447.0 | 5,667.2 | |||
Long-Term: | ||||
Long-term debt | 2,733.3 | 2,742.6 | ||
Other | 1,246.2 | 1,225.1 | ||
3,979.5 | 3,967.7 | |||
Equity | 4,601.0 | 5,060.6 | ||
Total Liabilities and Equity | $ 14,027.5 | $ 14,695.5 | ||
Lear Corporation and Subsidiaries Consolidated Supplemental Data
(Unaudited; in millions, except content per vehicle and per share amounts)
| ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Net Sales | ||||
$ 2,317.3 | $ 2,272.2 | |||
1,980.5 | 2,173.7 | |||
1,203.3 | 1,173.9 | |||
213.5 | 221.4 | |||
Total | $ 5,714.6 | $ 5,841.2 | ||
Content per Vehicle 1 | ||||
$ 626 | $ 604 | |||
$ 447 | $ 458 | |||
Free Cash Flow 2 | ||||
Net cash provided by operating activities | $ 680.8 | $ 569.7 | ||
Capital expenditures | (192.1) | (193.2) | ||
Free cash flow | $ 488.7 | $ 376.5 | ||
Core Operating Earnings 2 | ||||
Net income attributable to Lear | $ 88.1 | $ 127.3 | ||
Interest expense | 26.7 | 25.0 | ||
Other expense, net | 24.3 | 15.9 | ||
Income taxes | 57.3 | 46.7 | ||
Equity in net income of affiliates | (12.9) | (13.1) | ||
Net income attributable to noncontrolling interests | 26.4 | 15.7 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 42.7 | 55.5 | ||
Acquisition costs | 0.1 | (0.1) | ||
Recoveries related to CrowdStrike Holdings, Inc. | (0.5) | — | ||
Impairments related to Fisker, Inc. | 0.2 | — | ||
Impairments (recoveries) related to Russian operations, net | (0.2) | 0.9 | ||
Favorable tax ruling in a foreign jurisdiction | — | (0.2) | ||
Other | 5.5 | 14.1 | ||
Core operating earnings | $ 257.7 | $ 287.7 | ||
Lear Corporation and Subsidiaries Consolidated Supplemental Data (continued)
(Unaudited; in millions, except content per vehicle and per share amounts)
| ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Adjusted Net Income Attributable to Lear 2 | ||||
Net income attributable to Lear | $ 88.1 | $ 127.3 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 33.0 | 37.3 | ||
Acquisition costs | 0.1 | (0.1) | ||
Non-cash loss related to pending disposal of a non-core business | 24.4 | — | ||
Recoveries related to CrowdStrike Holdings, Inc. | (0.5) | — | ||
Impairments related to Fisker, Inc. | 0.2 | — | ||
Impairments (recoveries) related to Russian operations, net | (0.2) | 0.9 | ||
Non-cash settlement loss on pension lump-sum payout | 6.6 | — | ||
Foreign exchange (gains) losses due to foreign exchange rate volatility related to | (1.5) | 0.8 | ||
Favorable tax ruling in a foreign jurisdiction | — | (0.7) | ||
Loss related to affiliate | — | 2.0 | ||
Other | 7.7 | 19.7 | ||
Tax impact of special items and other net tax adjustments 3 | 3.1 | (10.2) | ||
Adjusted net income attributable to Lear | $ 161.0 | $ 177.0 | ||
Weighted average number of diluted shares outstanding | 54.8 | 58.5 | ||
Diluted net income per share available to Lear common stockholders | $ 1.61 | $ 2.18 | ||
Adjusted earnings per share | $ 2.94 | $ 3.03 | ||
Lear Corporation and Subsidiaries Consolidated Supplemental Data (continued)
(Unaudited; in millions, except content per vehicle and per share amounts)
| ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Net Sales | ||||
$ 9,749.1 | $ 9,503.4 | |||
8,298.4 | 8,612.6 | |||
4,392.4 | 4,445.0 | |||
866.1 | 905.9 | |||
Total | $ 23,306.0 | $ 23,466.9 | ||
Content per Vehicle 1 | ||||
$ 630 | $ 606 | |||
$ 473 | $ 468 | |||
Free Cash Flow 2 | ||||
Net cash provided by operating activities | $ 1,120.1 | $ 1,249.3 | ||
Settlement of accounts payable in conjunction with acquisition of IGB | — | 15.4 | ||
Capital expenditures | (558.7) | (626.5) | ||
Free cash flow | $ 561.4 | $ 638.2 | ||
Core Operating Earnings 2 | ||||
Net income attributable to Lear | $ 506.6 | $ 572.5 | ||
Interest expense | 106.2 | 101.1 | ||
Other expense, net | 48.6 | 54.9 | ||
Income taxes | 191.1 | 180.8 | ||
Equity in net income of affiliates | (50.0) | (49.3) | ||
Net income attributable to noncontrolling interests | 85.2 | 73.2 | ||
Restructuring costs and other special items - | ||||
Costs related to restructuring actions | 158.5 | 152.4 | ||
Acquisition costs | 0.6 | 0.8 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Costs related to CrowdStrike Holdings, Inc. | 3.2 | — | ||
Impairments related to Fisker, Inc. | 15.0 | — | ||
Impairments (recoveries) related to Russian operations, net | (1.7) | 2.4 | ||
Intangible asset impairment | — | 1.9 | ||
Insurance recoveries related to typhoon in | — | (3.3) | ||
Favorable tax ruling in a foreign jurisdiction | — | (0.2) | ||
Other | 32.8 | 31.0 | ||
Core operating earnings | $ 1,096.1 | $ 1,120.0 | ||
Lear Corporation and Subsidiaries Consolidated Supplemental Data (continued)
(Unaudited; in millions, except content per vehicle and per share amounts)
| ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Adjusted Net Income Attributable to Lear 2 | ||||
Net income attributable to Lear | $ 506.6 | $ 572.5 | ||
Restructuring costs and other special items - | ||||
Cost related to restructuring actions | 145.0 | 134.2 | ||
Acquisition costs | 0.6 | 0.8 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Non-cash loss related to pending disposal of a non-core business | 24.4 | — | ||
Costs related to CrowdStrike Holdings, Inc. | 3.2 | — | ||
Impairments related to Fisker, Inc. | 15.0 | — | ||
Impairments (recoveries) related to Russian operations, net | (1.7) | 2.4 | ||
Intangible asset impairment | — | 1.9 | ||
Insurance recoveries related to typhoon in | — | (7.3) | ||
Non-cash settlement loss on pension lump-sum payout | 6.6 | — | ||
Foreign exchange gains due to foreign exchange rate volatility related to | (2.0) | (1.9) | ||
Favorable tax ruling in a foreign jurisdiction | — | (0.7) | ||
Loss related to affiliate | — | 7.0 | ||
Other | 39.7 | 34.3 | ||
Tax impact of special items and other net tax adjustments 3 | (24.6) | (34.7) | ||
Adjusted net income attributable to Lear | $ 712.8 | $ 710.3 | ||
Weighted average number of diluted shares outstanding | 56.5 | 59.1 | ||
Diluted net income per share available to Lear common stockholders | $ 8.97 | $ 9.68 | ||
Adjusted earnings per share | $ 12.62 | $ 12.02 | ||
Adjusted Depreciation and Amortization 2 | ||||
Depreciation and amortization | $ 620.7 | $ 604.4 | ||
Less - Intangible asset impairment | — | 1.9 | ||
Adjusted depreciation and amortization | $ 620.7 | $ 602.5 | ||
Diluted Shares Outstanding at End of Year 4 | 54,195,858 | 57,611,687 | ||
1 Content per Vehicle for 2023 has been updated to reflect actual production levels. | ||||
2 See "Non-GAAP Financial Information" included in this press release. | ||||
3 Represents the tax effect of restructuring costs and other special items, as well as several discrete tax items. The identification of these tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. | ||||
4 Calculated using stock price at end of year. | ||||
Lear Corporation and Subsidiaries Segment Supplemental Data
(Unaudited; in millions, except margins)
| ||||
Three Months Ended | ||||
December 31, | December 31, | |||
Adjusted Segment Earnings | ||||
Seating | ||||
Net sales | $ 4,185.7 | $ 4,342.8 | ||
Segment earnings | $ 228.5 | $ 243.5 | ||
Costs related to restructuring actions | 26.4 | 45.6 | ||
Recoveries related to CrowdStrike Holdings, Inc. | (0.5) | — | ||
Impairments (recoveries) related to Russian operations, net | (0.2) | 0.9 | ||
Other | 2.8 | 3.8 | ||
Adjusted segment earnings | $ 257.0 | $ 293.8 | ||
Segment margins | 5.5 % | 5.6 % | ||
Adjusted segment margins | 6.1 % | 6.8 % | ||
E-Systems | ||||
Net sales | $ 1,528.9 | $ 1,498.4 | ||
Segment earnings | $ 58.5 | $ 73.3 | ||
Costs related to restructuring actions | 14.6 | 7.8 | ||
Impairments related to Fisker, Inc. | 0.2 | — | ||
Other | 3.4 | 2.9 | ||
Adjusted segment earnings | $ 76.7 | $ 84.0 | ||
Segment margins | 3.8 % | 4.9 % | ||
Adjusted segment margins | 5.0 % | 5.6 % | ||
Lear Corporation and Subsidiaries Segment Supplemental Data (continued)
(Unaudited; in millions, except margins)
| ||||
Twelve Months Ended | ||||
December 31, | December 31, | |||
Adjusted Segment Earnings | ||||
Seating | ||||
Net sales | $ 17,222.1 | $ 17,548.8 | ||
Segment earnings | $ 988.5 | $ 1,066.9 | ||
Costs related to restructuring actions | 110.0 | 111.4 | ||
Acquisition-related inventory fair value adjustment | — | 1.8 | ||
Costs related to CrowdStrike Holdings, Inc. | 2.6 | — | ||
Impairments related to Fisker, Inc. | 2.3 | — | ||
Impairments (recoveries) related to Russian operations, net | (1.7) | 2.4 | ||
Other | 13.8 | 8.7 | ||
Adjusted segment earnings | $ 1,115.5 | $ 1,191.2 | ||
Segment margins | 5.7 % | 6.1 % | ||
Adjusted segment margins | 6.5 % | 6.8 % | ||
E-Systems | ||||
Net sales | $ 6,083.9 | $ 5,918.1 | ||
Segment earnings | $ 247.4 | $ 228.9 | ||
Costs related to restructuring actions | 40.5 | 37.7 | ||
Costs related to CrowdStrike Holdings, Inc. | 0.6 | — | ||
Impairments related to Fisker, Inc. | 12.7 | — | ||
Intangible asset impairment | — | 1.9 | ||
Insurance recoveries related to typhoon in | — | (3.6) | ||
Other | 9.0 | 10.2 | ||
Adjusted segment earnings | $ 310.2 | $ 275.1 | ||
Segment margins | 4.1 % | 3.9 % | ||
Adjusted segment margins | 5.1 % | 4.6 % | ||
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SOURCE Lear Corporation
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