Auto seating maker Lear Corp Q2 sales up 12%
August 01, 2013 - United States Of America
Lear Corporation, a leading global supplier of automotive seating and electrical distribution systems, reported financial results for the second quarter.
Highlights:
-Net sales of $4.1 billion, up 12%
-Core operating earnings of $224 million, up 13%
-Adjusted earnings per share of $1.62, up 20%
-Free cash flow of $74 million
-Record quarterly sales and earnings in EPMS; 15th consecutive quarter of year-over-year margin improvement
-Executed $800 million ASR program and retired 11.9 million shares
-Increasing full year outlook for net sales, core operating earnings and free cash flow
Business Conditions
In the second quarter, global vehicle production increased 3% from a year ago, including increases of 11% in China and 6% in North America. Europe and Africa industry production was up 2% compared to a year ago. While the European industry continues to be below trend, this was the first quarter without a year-over-year decline since the fourth quarter of 2011.
"Lear performed well in the second quarter, with sales and earnings growing faster than global industry production," said Matt Simoncini, Lear's president and chief executive officer. "Our strong financial position allows us to strengthen and grow our business while improving our cost structure. We plan to maintain a balanced approach of investing in the business and returning excess cash to shareholders in order to drive shareholder value."
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