Lear Company, a world automotive expertise chief in Seating and E-Techniques, at this time reported outcomes for the fourth quarter and full yr 2020 and offered its monetary outlook for the complete yr 2021. Highlights embrace:
Fourth Quarter 2020
- Gross sales of $5.2 billion, in comparison with $4.8 billion within the fourth quarter of 2019
- Continued to develop gross sales quicker than the market in each segments; E-Techniques development over market of 11 proportion factors and Seating development over market of seven proportion factors
- Internet revenue of $202 million and adjusted internet revenue of $221 million, in comparison with internet revenue of $126 million and adjusted internet revenue of $161 million within the prior yr
- Core working earnings of $330 million, in comparison with $241 million within the fourth quarter of 2019
- Earnings per share of $3.33and adjusted earnings per share of $3.66, in comparison with $2.50 and $2.64, respectively, within the fourth quarter of 2019
- Reinstituted and paid quarterly money dividend of $0.25 per share
Full 12 months 2020
- Above market gross sales development in each segments; E-Techniques development over market of 10 proportion factors and Seating development over market of 4 proportion factors
- $2.8 billion backlog for 2021-2023 helps continued development over market in Seating and E-Techniques; pushed each by new conquest awards and the advantages of our rising electrification enterprise
- Internet money offered by working actions of $663 million and free money circulate of $211 million, in comparison with internet money offered by working actions of $1,284 million and free money circulate of $680 million for the complete yr 2019
- Money and money equivalents at year-end of $1.3 billion and complete liquidity of $3.1 billion
“Lear delivered robust monetary efficiency within the fourth quarter of 2020,” mentioned Ray Scott, Lear’s President and Chief Govt Officer. “The workforce achieved these robust outcomes and continued to execute Lear’s key strategic development initiatives whereas navigating the distinctive challenges offered by the COVID-19 pandemic. It’s an thrilling time within the automotive trade, because the transition to electrical automobiles is accelerating and world car manufacturing volumes are rising. Lear could be very nicely positioned to profit from these tendencies, which, coupled with our disciplined strategy to investing within the enterprise, reinforces our confidence in Lear’s skill to ship superior shareholder returns over the long run.”
Fourth Quarter Monetary Outcomes
(in thousands and thousands, besides per share quantities)
Within the fourth quarter, world car manufacturing elevated by 2% in comparison with a yr in the past, with North America flat, Europe up 1% and China up 5%. World manufacturing declined on a Lear sales-weighted foundation(2) by roughly 2%.
Gross sales within the fourth quarter elevated 9% yr over yr to $5.2 billion. Excluding the impression of international alternate and acquisitions, gross sales had been up 6%, primarily reflecting the addition of latest enterprise. Gross sales development over market within the fourth quarter was 8 proportion factors, pushed primarily by the impression of latest enterprise in each segments.
Core working earnings had been $330 million, or 6.3% of gross sales, in comparison with $241 million, or 5.0% of gross sales, in 2019. Within the Seating phase, margins and adjusted margins had been 6.9% and seven.6%, respectively. Within the E-Techniques phase, margins and adjusted margins had been 6.9% and seven.6%, respectively.
Earnings per share had been $3.33, in comparison with $2.50 in 2019. Adjusted earnings per share had been $3.66, up from $2.64 per share in 2019, primarily reflecting larger working earnings.
Please click on right here to view the complete press launch.
SOURCE: Lear
