Lear Stock Price, News & Analysis

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.

Lear Corporation (NYSE: LEA) has completed the acquisition of Kongsberg Automotive's Interior Comfort Systems (ICS) for €175 million ($198 million). This move enhances Lear's seating capabilities and expands its offerings in thermal and comfort solutions like seat heating, ventilation, and massage features. The ICS unit contributes about 3,800 employees across multiple facilities and is anticipated to generate approximately $200 million in revenue in 2022. This strategic acquisition aligns with the growing demand for advanced vehicle comfort technologies in luxury and electric vehicles.

Lear Corporation (NYSE: LEA), an automotive technology leader, announced a quarterly cash dividend of $0.77 per share on February 18, 2022. This dividend will be payable on March 30, 2022 to shareholders on record as of March 11, 2022. Additionally, the company revealed the date for its 2022 Annual Stockholders Meeting on May 19, 2022, to be held via a virtual web conference. The record date for voting eligibility is March 25, 2022.