Lear Stock Price, News & Analysis

Lear Corporation (NYSE: LEA) announced its acquisition of Kongsberg Automotive's Interior Comfort Systems (ICS) business for €175 million. This strategic move aims to enhance Lear's vertical integration and diversify its product offerings in comfort seating solutions, catering to rising automotive demands for features like lumbar support and seat ventilation. The ICS unit is expected to generate approximately $300 million in revenue this year and includes over 3,800 employees globally. The deal is anticipated to close in Q1 2022, subject to regulatory approvals.

Lear Corporation (NYSE: LEA), a leader in automotive technology, is set to hold a conference call on November 2, 2021, at 8:30 a.m. EDT to discuss its third quarter 2021 financial results. Participants can join the call using toll-free number 877-883-0383 or 412-902-6506 for international calls, with the conference code 4615282. A live audio webcast will also be available on their Investor Relations website, along with a slide presentation prior to the call.

Lear Corporation (NYSE: LEA) has announced a definitive agreement for a joint venture with Hu Lane Associate Inc. (TPEX: 6279), a manufacturer of automotive connector products, subject to regulatory approvals. The joint venture will be based in Yangzhou, China, enhancing Lear's vertical integration for connection systems in modern vehicle architectures. This partnership aims to leverage both companies' strengths for cost savings and innovative product development, with Lear owning a majority stake. Management for the joint venture is expected to be appointed in Q4 2021.

Lear Corporation (NYSE: LEA), a leader in automotive technology, will participate in a fireside chat at the RBC Capital Markets Global Industrials Conference on September 9, 2021. Represented by Jason Cardew, SVP and Chief Financial Officer, the webcast is scheduled to begin at 9:20 AM EDT and will last approximately 30 minutes. The webcast can be accessed through Lear's official website. Lear Corporation, headquartered in Southfield, Michigan, is committed to operational excellence and sustainability, serving all major automakers globally.

Lear Corporation (NYSE: LEA) announced an increase in its quarterly cash dividend from $0.25 to $0.50 per share. The new dividend will be paid on September 21, 2021, to shareholders of record as of September 2, 2021. Non-Executive Chairman Gregory C. Smith highlighted the increase as a reflection of the company's strong financial performance amid tough industry conditions and reaffirmed the board's commitment to returning capital to shareholders. The company continues to prioritize shareholder value with future adjustments to the dividend dependent on industry circumstances.

Lear Corporation (NYSE: LEA) reported a remarkable recovery in its second quarter 2021, with sales soaring 95% to $4.8 billion compared to $2.4 billion a year earlier. Net income reached $175 million, a significant rebound from a net loss of $294 million in Q2 2020. Core operating earnings stood at $233 million, showing a turnaround from a loss of $248 million the previous year. Despite challenges from semiconductor shortages, the company achieved strong production growth, particularly in North America. The outlook for 2021 estimates sales between $19.7 billion and $20.5 billion.