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) will host a conference call on August 2, 2022, at 8:30 a.m. EDT to discuss its second quarter 2022 financial results. Participants can join by dialing 877-883-0383 for toll-free calls or 412-902-6506 internationally, using conference code 5082523. A live audio webcast will also be available on Lear's Investor Relations website, with a replay accessible two hours post-call. The presentation slides will be available on the website before the call starts.
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Lear Corporation (NYSE: LEA), a leader in automotive technology, will participate in a fireside chat at the Deutsche Bank Global Auto Industry Conference on June 15, 2022. The event will feature Ray Scott, President and CEO, and Jason Cardew, SVP and CFO. The webcast is set to begin at 9:30 AM EDT and last approximately 35 minutes. More details will be available on the company's website at ir.lear.com. Headquartered in Southfield, Michigan, Lear serves all major automakers and ranked 186 on the Fortune 500.
Lear Corporation (NYSE: LEA) announced its definitive agreement to acquire I.G. Bauerhin for €140 million. This acquisition aims to enhance Lear's thermal comfort solutions, expanding its product capabilities into active cooling while complementing existing offerings. The transaction, set to close within six to nine months pending regulatory approvals, marks Lear's second acquisition in this domain. IGB, a leading provider of seat climate control with €205 million revenue in 2021, will allow Lear to grow its Seating business. The acquisition is expected to accelerate the commercialization of advanced seating systems.
Lear Corporation (NYSE: LEA) announced a quarterly cash dividend of $0.77 per share, payable on June 29, 2022, to shareholders of record by June 10, 2022. The company's Board also approved a two-year extension of its share repurchase program until December 31, 2024, with approximately $1.3 billion remaining under this authorization. Since 2011, Lear has returned about $5.9 billion to shareholders, repurchasing around 50% of its shares outstanding at program inception.
On May 19, 2022, Lear Corporation (NYSE: LEA) announced the acquisition of Thagora Technology SRL, a company specializing in material utilization software and hardware, based in Romania. This strategic move aims to enhance Lear's manufacturing capabilities in seating applications through Industry 4.0 technologies. Thagora's solutions are expected to minimize scrap and energy usage during production, improving overall efficiency. The acquisition is anticipated to bolster Lear's global footprint and strengthen its relationships with automotive and non-automotive customers.
Lear Corporation (NYSE: LEA) reported Q1 2022 sales of $5.2 billion, a 3% decline from $5.4 billion in Q1 2021, despite outperforming global industry production by 4 percentage points. Net income dropped to $49 million from $204 million year-over-year. Adjusted earnings per share decreased to $1.80 from $3.73. Core operating earnings fell to $184 million, or 3.5% of sales, driven by reduced production and rising commodity costs. Lear's cash provided by operating activities was $221 million. The company adjusted its 2022 outlook, projecting net sales of $20.4 - $21.2 billion amid ongoing industry challenges.
Lear Corporation (NYSE: LEA) has announced a conference call on May 3, 2022, at 8:30 a.m. EDT, to discuss its first quarter 2022 financial results. Interested participants can join via toll-free calls at 877-883-0383 or internationally at 412-902-6506, using conference code 6997631. A live audio webcast will also be available on Lear's Investor Relations website, with a replay accessible two hours post-call. A presentation related to the earnings results will be published on the website prior to the call on May 3.
Lear Corporation (NYSE: LEA) has been chosen by General Motors to supply front and rear seats for the 2024 Chevrolet Silverado EV. The innovative 40/60 split second-row seat offers four configurations for enhanced functionality. Lear will produce the seats at its new Detroit facility, set to open mid-2022, generating hundreds of job opportunities. This partnership showcases Lear's commitment to innovation and sustainability in the automotive sector, as over one-third of its global locations supply products for hybrid and electric vehicles.
Intelsat has appointed David Wajsgras as its new CEO, effective April 4. Wajsgras, who has extensive experience in the aerospace industry, succeeds Stephen Spengler, retiring after 18 years. Previously, Wajsgras was president of a $7.5 billion business at Raytheon Technologies (RTX) and CFO at Lear Corporation (LEA). The board highlights Wajsgras's leadership skills and believes he is well-suited to guide Intelsat during this pivotal time. The company aims to maintain its leading market position and further develop its global communications capabilities.