Welcome to our dedicated page for Lear news (Ticker: LEA), a resource for investors and traders seeking the latest updates and insights on Lear stock.
Lear Corporation reports recurring developments as a global automotive technology supplier focused on Seating and E-Systems. Its news commonly covers quarterly and annual operating results, financial outlook updates, segment performance, vehicle production trends, new business on automaker platforms, commercial recoveries, and the winddown of non-core products.
The company also announces capital-return actions, including quarterly cash dividends and share repurchases, and participates in automotive and industrial investor conferences. Lear's business updates are tied to seating components such as frames, mechanisms, covers, heating and cooling, foam and headrests, as well as electrical distribution, connection and electronic systems for vehicles.
Lear Corporation (NYSE: LEA) has been awarded a major contract by General Motors to supply the Battery Disconnect Unit (BDU) for all full-size SUVs and trucks on the Ultium EV Platform through 2030. The company plans to invest over $80 million in a new manufacturing facility in Michigan, expected to generate $500 million in annual electrification sales once fully operational. This award expands Lear's existing partnership with GM and marks a significant win for its E-Systems division, underscoring the company's commitment to innovative technologies in electric vehicle production.
On October 26, 2022, Lear Corporation (NYSE: LEA) announced the upcoming launch of ReNewKnit™, a premium automotive textile made from 100% recycled plastic bottles. Set to debut in 2024 for seating and door panel applications with a global automaker, ReNewKnit™ is fully recyclable and strengthens Lear's sustainable technology portfolio. The material, which is manufactured using renewable electricity, aims to support carbon reduction goals while providing a premium look and feel similar to suede. Production will take place in the UK and Poland.
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Lear Corporation (NYSE: LEA) has scheduled a conference call to discuss its third quarter 2022 financial results on November 1, 2022, at 8:30 a.m. EDT. Participants can join via toll-free calls at 877-883-0383 or internationally at 412-902-6506, using conference code 9206262. A live audio webcast will also be available on Lear's Investor Relations website. A slide presentation will be accessible before the call on the same date.
Lear Corporation (NYSE: LEA) has been selected by General Motors to provide electrification technologies for the Ultium global electric vehicle platform. This selection highlights Lear's expertise in battery disconnect units (BDUs), intercell connect boards (ICBs), and wire harnesses. The award is significant, marking the largest for Lear's Connection Systems business to date. The company's advanced engineering capabilities and strategic manufacturing locations position it well in the electric vehicle market, supporting GM's zero-emissions vision.
Lear Corporation (NYSE: LEA), a leader in automotive technology, will participate in a fireside chat at the Morgan Stanley 10th Annual Laguna Conference on September 14, 2022. The discussion will feature Ray Scott, President and CEO, and Jason Cardew, SVP and Chief Financial Officer. The webcast starts at 12:55 PM EDT and lasts approximately 30 minutes. Interested viewers can access the link on Lear's website. Lear is committed to innovation and operational excellence, serving every major automaker globally, and ranks 186 on the Fortune 500.
Lear Corporation (NYSE: LEA), a leader in automotive technology, received two first-place awards in the J.D. Power 2022 U.S. Seat Quality and Satisfaction Study. It ranked first in the Mass Market Compact Car category with the Hyundai Elantra and in the Luxury Car category with the BMW 2 Series. Additionally, Lear achieved third place in four other categories including Mass Market SUVs and Luxury Cars. This recognition underscores Lear's commitment to quality and customer satisfaction in seating.
On August 10, 2022, Lear Corporation (NYSE: LEA) announced a quarterly cash dividend of $0.77 per share on its common stock. The dividend is set to be paid on September 20, 2022, to shareholders who are on record by the close of business on September 1, 2022. This decision underscores Lear's commitment to returning value to its shareholders amidst its role as a leader in automotive technology, particularly in Seating and E-Systems.
Lear Corporation (NYSE: LEA), a leader in automotive technology, has joined Climate Group's RE100 initiative. This global effort commits over 370 companies to source 100% of their electricity from renewable sources. Lear aims to achieve this goal for all its global sites by 2030, with current operations in Germany, Poland, and the UK already meeting this target. The company utilizes various renewable methods tailored to each location. Lear's focus reflects its dedication to sustainability and energy efficiency, aiming for a carbon-neutral future.
Lear Corporation (NYSE: LEA) reported second quarter 2022 sales of $5.1 billion, a 7% increase from the previous year. However, net income fell to $69 million, down from $175 million in Q2 2021. Adjusted earnings per share decreased to $1.79 from $2.45. Despite challenges from supply chain disruptions and rising commodity costs, Lear announced the acquisition of I.G. Bauerhin to enhance thermal comfort solutions. The company returned $96 million to shareholders through repurchases and dividends and reported a cash balance of $828 million.