Third Quarter 2024 Highlights
- Delivered revenue of
$5.6 billion in the third quarter, compared to$5.8 billion in the third quarter of 2023 - Total company revenue outperformed industry volume by 3 percentage points, with 5 percentage points in
E-Systems and 3 percentage points in Seating - Net income of
$136 million and adjusted net income of$163 million , compared to$133 million and$170 million , respectively, in the third quarter of 2023 - Core operating earnings of
$257 million , compared to$267 million in the third quarter of 2023 - Earnings per share of
$2.41 and adjusted earnings per share of$2.89 , compared to$2.25 and$2.87 , respectively, in the third quarter of 2023 - Adjusted earnings per share growth of 1% year over year, reflecting the benefit of our share repurchase program
- Net cash provided by operating activities of
$183 million and free cash flow of$51 million , compared to$404 million and$251 million , respectively, in the third quarter of 2023 - Continued growth in
China with several awards with BYD, Xiaomi and Seres in Seating, and with theDongfeng Group inE-Systems - Launched the first ComfortFlexTM module, combining heat, ventilation and massage, with Volvo
- New business awards for ComfortFlexTM modules with a premium European automaker and Hyundai
- Awarded eight top-three finishes – more than twice as many as the next closest competitor – in the
J.D. Power 2024 U.S. Seat Quality and Satisfaction StudySM, including a sweep of all three awards in the Premium Car category - Named a 2025 Automotive News PACE Award finalist for our Zone Control Module featuring a highly configurable software solution
- Repurchased
$209 million of shares and paid$43 million in dividends - Cash and cash equivalents at quarter end of
$764 million and total liquidity of$2.8 billion
"In the third quarter, Lear generated revenue that outperformed the industry by 3 percentage points globally, with outgrowth in both Seating and
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Third Quarter Financial Results (in millions, except per share amounts) |
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2024 |
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2023 |
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Reported |
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Sales |
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Net income |
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Earnings per share |
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Adjusted(1) |
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Core operating earnings |
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Adjusted net income |
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Adjusted earnings per share |
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In the third quarter, global vehicle production was down 5% compared to a year ago, with
Sales in the third quarter were $5.6 billion, representing a year-over-year decrease of 3%. Excluding the impact of commodities, foreign exchange, acquisitions and divestitures, sales were also down 3%, reflecting lower production on key Lear platforms, partially offset by the addition of new business in both of our business segments.
Net income was
Earnings per share were $2.41 and adjusted earnings per share were $2.89, as compared to
In the third quarter of 2024, net cash from operating activities was
(1) For more information regarding our non-GAAP financial measures, see "Non-GAAP Financial Information" below.
(2) The global and regional production changes are based on S&P Global estimates. The production change on a Lear sales-weighted basis is calculated using Lear's prior year regional sales mix and third quarter fiscal calendar. Management believes this provides a more meaningful comparison of the Company's global revenue growth relative to global vehicle production.
Share Repurchase Program
During the third quarter of 2024, Lear repurchased 1,875,382 shares of our common stock for a total of
Since initiating the share repurchase program in 2011, we have repurchased 58.0 million shares of our common stock for a total of
2024 Financial Outlook
Our 2024 financial outlook, adjusted for the changes to our outlook for global production and its impact on our business, is summarized below:
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Full Year 2024 Financial Outlook |
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Core Operating Earnings |
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Adjusted EBITDA |
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Restructuring Costs |
≈$150 million |
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Operating Cash Flow |
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Capital Spending |
≈$575 million |
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Free Cash Flow |
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The financial outlook is based on a full year average exchange rate of
Certain of the forward-looking financial measures above are provided on a non-GAAP basis. The Company does not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with GAAP because to do so would be potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant.
Third Quarter 2024 Conference Call and Webcast Information
A conference call and webcast will be held to discuss Lear's third quarter 2024 financial results and related matters on
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that core operating earnings, adjusted EBITDA, adjusted depreciation and amortization, adjusted net income and adjusted earnings per share are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures provide improved comparability between fiscal periods. Management believes that free cash flow is useful to both management and investors in their analysis of the Company's ability to service and repay its debt. Further, management uses these non-GAAP financial measures for planning and forecasting future periods.
Core operating earnings, adjusted EBITDA, adjusted depreciation and amortization, adjusted net income, adjusted earnings per share and free cash flow should not be considered in isolation or as a substitute for net income attributable to Lear, diluted net income per share attributable to Lear, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. In addition, the calculation of free cash flow does not reflect cash used to service debt and, therefore, does not reflect funds available for investment or other discretionary uses. Also, these non-GAAP financial measures, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended
Information in this press release relies on assumptions in the Company's core sales backlog. The Company's core sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs and excludes the impact of non-core products winding down in our
The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.
About
Lear, a global automotive technology leader in Seating and
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Condensed Consolidated Statements of Income
(Unaudited; in millions, except per share amounts) |
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||||
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Three Months Ended |
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|
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Net sales |
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$ 5,584.4 |
|
$ 5,781.0 |
|
|
|
|
|
|
|
Cost of sales |
|
5,179.1 |
|
5,362.8 |
|
Selling, general and administrative expenses |
|
174.1 |
|
182.5 |
|
Amortization of intangible assets |
|
10.7 |
|
15.5 |
|
Interest expense |
|
26.5 |
|
25.7 |
|
Other expense, net |
|
3.4 |
|
5.8 |
|
|
|
|
|
|
|
Consolidated income before income taxes and equity in net income of |
|
190.6 |
|
188.7 |
|
Income taxes |
|
47.1 |
|
47.0 |
|
Equity in net income of affiliates |
|
(12.5) |
|
(10.4) |
|
|
|
|
|
|
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Consolidated net income |
|
156.0 |
|
152.1 |
|
Net income attributable to noncontrolling interests |
|
20.2 |
|
19.2 |
|
|
|
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|
|
Net income attributable to Lear |
|
$ 135.8 |
|
$ 132.9 |
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|
|
|
|
|
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Diluted net income per share attributable to Lear |
|
$ 2.41 |
|
$ 2.25 |
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Weighted average number of diluted shares outstanding |
|
56.4 |
|
59.1 |
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Condensed Consolidated Statements of Income
(Unaudited; in millions, except per share amounts) |
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Nine Months Ended |
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Net sales |
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$ 17,591.4 |
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$ 17,625.7 |
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|
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|
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Cost of sales |
|
16,339.2 |
|
16,320.5 |
|
Selling, general and administrative expenses |
|
535.9 |
|
542.1 |
|
Amortization of intangible assets |
|
38.5 |
|
47.4 |
|
Interest expense |
|
79.5 |
|
76.1 |
|
Other expense, net |
|
24.3 |
|
39.0 |
|
|
|
|
|
|
|
Consolidated income before income taxes and equity in net income of |
|
574.0 |
|
600.6 |
|
Income taxes |
|
133.8 |
|
134.1 |
|
Equity in net income of affiliates |
|
(37.1) |
|
(36.2) |
|
|
|
|
|
|
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Consolidated net income |
|
477.3 |
|
502.7 |
|
Net income attributable to noncontrolling interests |
|
58.8 |
|
57.5 |
|
|
|
|
|
|
|
Net income attributable to Lear |
|
$ 418.5 |
|
$ 445.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share available to Lear common stockholders |
|
$ 7.33 |
|
$ 7.50 |
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|
|
|
|
|
|
Weighted average number of diluted shares outstanding |
|
57.1 |
|
59.3 |
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Condensed Consolidated Balance Sheets
(In millions) |
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(Unaudited) |
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(Audited) |
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ASSETS |
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Current: |
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|
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Cash and cash equivalents |
|
$ 763.9 |
|
$ 1,196.3 |
|
Accounts receivable |
|
4,289.4 |
|
3,681.2 |
|
Inventories |
|
1,768.1 |
|
1,758.0 |
|
Other |
|
987.1 |
|
1,001.4 |
|
|
|
7,808.5 |
|
7,636.9 |
|
Long-Term: |
|
|
|
|
|
PP&E, net |
|
2,912.2 |
|
2,977.4 |
|
|
|
1,754.4 |
|
1,737.9 |
|
Other |
|
2,343.0 |
|
2,343.3 |
|
|
|
7,009.6 |
|
7,058.6 |
|
|
|
|
|
|
|
Total Assets |
|
$ 14,818.1 |
|
$ 14,695.5 |
|
|
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|
LIABILITIES AND EQUITY |
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Current: |
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|
|
|
|
Short-term borrowings |
|
$ 27.8 |
|
$ 27.5 |
|
Accounts payable and drafts |
|
3,493.7 |
|
3,434.2 |
|
Accrued liabilities |
|
2,368.9 |
|
2,205.2 |
|
Current portion of long-term debt |
|
2.3 |
|
0.3 |
|
|
|
5,892.7 |
|
5,667.2 |
|
Long-Term: |
|
|
|
|
|
Long-term debt |
|
2,767.8 |
|
2,742.6 |
|
Other |
|
1,263.3 |
|
1,225.1 |
|
|
|
4,031.1 |
|
3,967.7 |
|
|
|
|
|
|
|
Equity |
|
4,894.3 |
|
5,060.6 |
|
|
|
|
|
|
|
Total Liabilities and Equity |
|
$ 14,818.1 |
|
$ 14,695.5 |
|
|
|
|
|
|
|
Consolidated Supplemental Data
(Unaudited; in millions, except content per vehicle and per share amounts) |
||||
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|
||||
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|
Three Months Ended |
||
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
$ 2,403.4 |
|
$ 2,381.4 |
|
|
|
1,892.5 |
|
2,015.4 |
|
|
|
1,055.0 |
|
1,142.5 |
|
|
|
233.5 |
|
241.7 |
|
Total |
|
$ 5,584.4 |
|
$ 5,781.0 |
|
|
|
|
|
|
|
Content per Vehicle 1 |
|
|
|
|
|
|
|
$ 651 |
|
$ 604 |
|
|
|
$ 508 |
|
$ 498 |
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|
|
|
|
|
|
Free Cash Flow 2 |
|
|
|
|
|
Net cash provided by operating activities |
|
$ 182.7 |
|
$ 403.8 |
|
Capital expenditures |
|
(132.2) |
|
(153.2) |
|
Free cash flow |
|
$ 50.5 |
|
$ 250.6 |
|
|
|
|
|
|
|
Core Operating Earnings 2 |
|
|
|
|
|
Net income attributable to Lear |
|
$ 135.8 |
|
$ 132.9 |
|
Interest expense |
|
26.5 |
|
25.7 |
|
Other expense, net |
|
3.4 |
|
5.8 |
|
Income taxes |
|
47.1 |
|
47.0 |
|
Equity in net income of affiliates |
|
(12.5) |
|
(10.4) |
|
Net income attributable to noncontrolling interests |
|
20.2 |
|
19.2 |
|
Restructuring costs and other special items - |
|
|
|
|
|
Costs related to restructuring actions |
|
27.8 |
|
48.0 |
|
Acquisition costs |
|
— |
|
0.4 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
3.7 |
|
— |
|
Impairments (recoveries) related to Russian operations, net |
|
(2.6) |
|
0.4 |
|
Insurance recoveries related to typhoon in |
|
— |
|
(3.5) |
|
Other |
|
7.2 |
|
1.6 |
|
Core operating earnings |
|
$ 256.6 |
|
$ 267.1 |
|
|
|
|
|
|
|
Consolidated Supplemental Data (continued)
(Unaudited; in millions, except content per vehicle and per share amounts) |
||||
|
|
||||
|
|
|
Three Months Ended |
||
|
|
|
|
|
|
|
Adjusted Net Income and Adjusted Earnings Per Share 2 |
|
|
|
|
|
Net income attributable to Lear |
|
$ 135.8 |
|
$ 132.9 |
|
Restructuring costs and other special items - |
|
|
|
|
|
Costs related to restructuring actions |
|
25.6 |
|
48.0 |
|
Acquisition costs |
|
— |
|
0.4 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
3.7 |
|
— |
|
Impairments (recoveries) related to Russian operations, net |
|
(2.6) |
|
0.4 |
|
Insurance recoveries related to typhoon in |
|
— |
|
(7.5) |
|
Foreign exchange gains due to foreign exchange rate volatility related to |
|
(1.5) |
|
(0.7) |
|
Other |
|
6.4 |
|
3.5 |
|
Tax impact of special items and other net tax adjustments 3 |
|
(4.6) |
|
(7.4) |
|
Adjusted net income |
|
$ 162.8 |
|
$ 169.6 |
|
|
|
|
|
|
|
Weighted average number of diluted shares outstanding |
|
56.4 |
|
59.1 |
|
|
|
|
|
|
|
Diluted net income per share available to Lear |
|
$ 2.41 |
|
$ 2.25 |
|
|
|
|
|
|
|
Adjusted earnings per share |
|
$ 2.89 |
|
$ 2.87 |
|
|
|
|
|
|
|
Consolidated Supplemental Data (continued)
(Unaudited; in millions, except content per vehicle and per share amounts) |
||||
|
|
||||
|
|
|
Nine Months Ended |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 7,431.8 |
|
$ 7,231.2 |
|
|
|
6,317.9 |
|
6,438.9 |
|
|
|
3,189.1 |
|
3,271.1 |
|
|
|
652.6 |
|
684.5 |
|
Total |
|
$ 17,591.4 |
|
$ 17,625.7 |
|
|
|
|
|
|
|
Content per Vehicle 1 |
|
|
|
|
|
|
|
$ 632 |
|
$ 607 |
|
|
|
$ 483 |
|
$ 472 |
|
|
|
|
|
|
|
Free Cash Flow 2 |
|
|
|
|
|
Net cash provided by operating activities |
|
$ 439.3 |
|
$ 679.6 |
|
Settlement of accounts payable in conjunction with acquisition of IGB |
|
— |
|
15.4 |
|
Capital expenditures |
|
(366.6) |
|
(433.3) |
|
Free cash flow |
|
$ 72.7 |
|
$ 261.7 |
|
|
|
|
|
|
|
Core Operating Earnings 2 |
|
|
|
|
|
Net income attributable to Lear |
|
$ 418.5 |
|
$ 445.2 |
|
Interest expense |
|
79.5 |
|
76.1 |
|
Other expense, net |
|
24.3 |
|
39.0 |
|
Income taxes |
|
133.8 |
|
134.1 |
|
Equity in net income of affiliates |
|
(37.1) |
|
(36.2) |
|
Net income attributable to noncontrolling interests |
|
58.8 |
|
57.5 |
|
Restructuring costs and other special items - |
|
|
|
|
|
Costs related to restructuring actions |
|
115.8 |
|
96.9 |
|
Acquisition costs |
|
0.5 |
|
0.9 |
|
Acquisition-related inventory fair value adjustment |
|
— |
|
1.8 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
3.7 |
|
— |
|
Impairments related to Fisker Inc. |
|
14.8 |
|
— |
|
Impairments (recoveries) related to Russian operations, net |
|
(1.5) |
|
1.5 |
|
Intangible asset impairment |
|
— |
|
1.9 |
|
Insurance recoveries related to typhoon in |
|
— |
|
(3.3) |
|
Other |
|
27.3 |
|
16.9 |
|
Core operating earnings |
|
$ 838.4 |
|
$ 832.3 |
|
|
|
|
|
|
|
Consolidated Supplemental Data (continued)
(Unaudited; in millions, except content per vehicle and per share amounts) |
||||
|
|
||||
|
|
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Nine Months Ended |
||
|
|
|
|
|
|
|
Adjusted Net Income Attributable to Lear 2 |
|
|
|
|
|
Net income attributable to Lear |
|
$ 418.5 |
|
$ 445.2 |
|
Restructuring costs and other special items - |
|
|
|
|
|
Costs related to restructuring actions |
|
112.0 |
|
96.9 |
|
Acquisition costs |
|
0.5 |
|
0.9 |
|
Acquisition-related inventory fair value adjustment |
|
— |
|
1.8 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
3.7 |
|
— |
|
Impairments related to Fisker Inc. |
|
14.8 |
|
— |
|
Impairments (recoveries) related to Russian operations, net |
|
(1.5) |
|
1.5 |
|
Intangible asset impairment |
|
— |
|
1.9 |
|
Insurance recoveries related to typhoon in |
|
— |
|
(7.3) |
|
Foreign exchange gains due to foreign exchange rate volatility related to |
|
(0.5) |
|
(2.7) |
|
Loss related to affiliate |
|
2.2 |
|
5.0 |
|
Other |
|
29.8 |
|
14.6 |
|
Tax impact of special items and other net tax adjustments 3 |
|
(27.7) |
|
(24.5) |
|
Adjusted net income attributable to Lear |
|
$ 551.8 |
|
$ 533.3 |
|
|
|
|
|
|
|
Weighted average number of diluted shares outstanding |
|
57.1 |
|
59.3 |
|
|
|
|
|
|
|
Diluted net income per share available to Lear common stockholders |
|
$ 7.33 |
|
$ 7.50 |
|
|
|
|
|
|
|
Adjusted earnings per share |
|
$ 9.67 |
|
$ 8.99 |
|
|
|
|
|
|
|
Adjusted Depreciation and Amortization 2 |
|
|
|
|
|
Depreciation and amortization |
|
$ 461.6 |
|
$ 450.3 |
|
Less - Intangible asset impairment |
|
— |
|
1.9 |
|
Adjusted depreciation and amortization |
|
$ 461.6 |
|
$ 448.4 |
|
|
|
|
|
|
|
Diluted Shares Outstanding at End of Period 4 |
|
55,151,664 |
|
58,746,353 |
|
|
|
|
|
|
|
|
||||
|
1 Content per Vehicle for 2023 has been updated to reflect actual production levels. |
||||
|
|
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|
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2 See "Non-GAAP Financial Information" included in this press release. |
|
|
|
|
|
|
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|
|
|
3 Represents the tax effect of restructuring costs and other special items, as well as several discrete tax items. The identification of these tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. |
||||
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4 Calculated using stock price at end of quarter. |
|
|
|
|
|
Segment Supplemental Data
(Unaudited; in millions, except margins) |
||||
|
|
||||
|
|
|
Three Months Ended |
||
|
|
|
|
|
|
|
Adjusted Segment Earnings |
|
|
|
|
|
|
|
|
|
|
|
Seating |
|
|
|
|
|
Net sales |
|
$ 4,111.8 |
|
$ 4,284.9 |
|
|
|
|
|
|
|
Segment earnings |
|
$ 242.4 |
|
$ 244.7 |
|
Restructuring costs and other special items - |
|
|
|
|
|
Costs related to restructuring actions |
|
17.0 |
|
28.5 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
3.1 |
|
— |
|
Impairments (recoveries) related to Russian operations, net |
|
(2.6) |
|
0.4 |
|
Other |
|
1.6 |
|
1.3 |
|
Adjusted segment earnings |
|
$ 261.5 |
|
$ 274.9 |
|
|
|
|
|
|
|
Segment margins |
|
5.9 % |
|
5.7 % |
|
|
|
|
|
|
|
Adjusted segment margins |
|
6.4 % |
|
6.4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ 1,472.6 |
|
$ 1,496.1 |
|
|
|
|
|
|
|
Segment earnings |
|
$ 65.3 |
|
$ 60.4 |
|
Restructuring and other special items - |
|
|
|
|
|
Costs related to restructuring actions |
|
7.1 |
|
19.5 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
0.6 |
|
— |
|
Insurance recoveries related to typhoon in |
|
— |
|
(3.5) |
|
Other |
|
1.2 |
|
2.5 |
|
Adjusted segment earnings |
|
$ 74.2 |
|
$ 78.9 |
|
|
|
|
|
|
|
Segment margins |
|
4.4 % |
|
4.0 % |
|
|
|
|
|
|
|
Adjusted segment margins |
|
5.0 % |
|
5.3 % |
|
|
|
|
|
|
|
Segment Supplemental Data (continued)
(Unaudited; in millions, except margins) |
||||
|
|
||||
|
|
|
Nine Months Ended |
||
|
|
|
|
|
|
|
Adjusted Segment Earnings |
|
|
|
|
|
|
|
|
|
|
|
Seating |
|
|
|
|
|
Net sales |
|
$ 13,036.4 |
|
$ 13,206.0 |
|
|
|
|
|
|
|
Segment earnings |
|
$ 760.0 |
|
$ 823.4 |
|
Costs related to restructuring actions |
|
83.6 |
|
65.8 |
|
Acquisition-related inventory fair value adjustment |
|
— |
|
1.8 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
3.1 |
|
— |
|
Impairments related to Fisker Inc. |
|
2.3 |
|
— |
|
Impairments (recoveries) related to Russian operations, net |
|
(1.5) |
|
1.5 |
|
Other |
|
11.0 |
|
4.9 |
|
Adjusted segment earnings |
|
$ 858.5 |
|
$ 897.4 |
|
|
|
|
|
|
|
Segment margins |
|
5.8 % |
|
6.2 % |
|
|
|
|
|
|
|
Adjusted segment margins |
|
6.6 % |
|
6.8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ 4,555.0 |
|
$ 4,419.7 |
|
|
|
|
|
|
|
Segment earnings |
|
$ 188.9 |
|
$ 155.6 |
|
Costs related to restructuring actions |
|
25.9 |
|
29.9 |
|
Costs related to CrowdStrike Holdings, Inc. |
|
0.6 |
|
— |
|
Impairments related to Fisker Inc. |
|
12.5 |
|
— |
|
Intangible asset impairment |
|
— |
|
1.9 |
|
Insurance recoveries related to typhoon in |
|
— |
|
(3.6) |
|
Other |
|
5.6 |
|
7.3 |
|
Adjusted segment earnings |
|
$ 233.5 |
|
$ 191.1 |
|
|
|
|
|
|
|
Segment margins |
|
4.1 % |
|
3.5 % |
|
|
|
|
|
|
|
Adjusted segment margins |
|
5.1 % |
|
4.3 % |
|
|
|
|
|
|
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