Lear Corporation a leading global supplier of automotive seating and electrical distribution systems, reported financial results for the second quarter.
Highlights include:
-Sales of $4.6 billion, up 11% from a year ago
-Record core operating earnings of $275 million, up 23%
-Record adjusted net income of $174 million, up 26%
-Record adjusted earnings per share of $2.12, up 31%
-Record Seating sales, up 12% and earnings up 10%
-Record Electrical sales, up 9% and record earnings, up 41%
-Returned $172 million to shareholders through share repurchases and dividends
-Increased full year outlook for sales, earnings and free cash flow
"In the second quarter, we continued our positive momentum with record financial results," said Matt Simoncini, Lear's president and chief executive officer. "Our record performance in the quarter reflects the investments that we have made in improving our cost structure and expanding our component capabilities globally. We are well positioned to take advantage of industry trends toward global vehicle platforms, direct component sourcing and increasing electrical content."
Business Conditions
In the second quarter, global vehicle production increased 3% from a year ago, reflecting production increases in each of the three largest automotive markets in the world. Production was up 12% in China, 4% in North America and 2% in Europe & Africa. Production was down 25% in South America.
Second Quarter 2014 Financial Results
For the second quarter of 2014, Lear reported sales of $4.6 billion, core operating earnings of $275 million, net income of $149 million and adjusted earnings per share of $2.12. This compares with sales of $4.1 billion, core operating earnings of $224 million, net income of $137 million and adjusted earnings per share of $1.62 for the second quarter of 2013.
In the Seating segment, sales were up 12% to a record $3.4 billion, reflecting the addition of new business and higher production on key platforms. Adjusted segment earnings were $197 million or 5.7% of sales. Earnings increased 10% from last year, primarily reflecting the increase in sales and favorable operating performance.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=166265
