SOUTHFIELD, Mich., July 25, 2024 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today reported results for the second quarter 2024.
Second Quarter 2024 Highlights
- Delivered record quarterly revenue of $6.0 billion in the second quarter, a modest increase compared to the second quarter of 2023
- Total company growth over market of 3 percentage points, with 7 percentage points in E-Systems and 2 percentage points in Seating
- Net income of $173 million and adjusted net income of $206 million, compared to $169 million and $198 million, respectively, in the second quarter of 2023
- Core operating earnings of $302 million, flat compared to the second quarter of 2023
- Earnings per share of $3.02 and adjusted earnings per share of $3.60, compared to $2.84 and $3.33, respectively, in the second quarter of 2023
- Adjusted earnings per share increased 8% in the second quarter compared to the same period last year
- Net cash provided by operating activities of $291 million and free cash flow of $170 million, compared to $311 million and $159 million, respectively, in the second quarter of 2023
- Eighth consecutive quarter of year-over-year margin improvement in E-Systems
- Released 2023 Sustainability Report, which highlights progress on climate goals, sustainable product development, and diversity, equity and inclusion initiatives
- Completed the acquisition of WIP Industrial Automation to further strengthen our automation and artificial intelligence capabilities
- Introducing ComfortFlex by Lear™ modular designs and the ComfortMax Seat by Lear™ technology for Lear's thermal comfort products
- New JIT seat award with Geely Zeekr, continuing growth with Chinese domestic automotive manufacturers
- Awarded the low voltage wiring for the Volvo EX30 in Europe
- Smart junction box award for several Volkswagen/Audi vehicles
- Cash and cash equivalents at quarter end of $950 million and total liquidity of $3.0 billion
- Repurchased $60 million of Lear shares and paid $44 million in dividends
"In the second quarter, Lear grew sales to a record level and improved year-over-year margins in E-Systems for the eighth consecutive quarter," said Ray Scott, Lear's President and Chief Executive Officer. "We are executing our thermal comfort strategy, and, today, we are introducing ComfortFlex by Lear™ modular designs and the ComfortMax Seat by Lear™ technology. Our ComfortFlex by Lear™ solutions are highly efficient designs of our thermal comfort products, which improve performance through enhanced modularity and advanced manufacturing processes. The ComfortMax Seat by Lear™ builds on ComfortFlex by Lear™ by leveraging our leadership in vertical integration to deliver the most efficient, feature-packed complete seat in the industry. We continue to focus our efforts on developing innovative products and utilizing automation to extend our leadership position in operational excellence. I am confident that the actions we are taking will support continued growth in earnings, strong cash flow and significant shareholder returns."
Second Quarter Financial Results
(in millions, except per share amounts)
2024 |
2023 |
||
Reported |
|||
Sales |
$6,012.4 |
$5,999.2 |
|
Net income |
$173.1 |
$168.7 |
|
Earnings per share |
$3.02 |
$2.84 |
|
Adjusted(1) |
|||
Core operating earnings |
$302.0 |
$301.8 |
|
Adjusted net income |
$205.8 |
$197.9 |
|
Adjusted earnings per share |
$3.60 |
$3.33 |
In the second quarter, global vehicle production was down 1% compared to a year ago, with North America up 2%, Europe down 6% and China up 5%. Global vehicle production was down 1% on a Lear sales-weighted basis(2).
Sales in the second quarter were $6.0 billion, representing a modest year-over-year increase compared to a year ago. Excluding the impact of commodities, foreign exchange and acquisitions, sales were up 2%, reflecting the addition of new business in both of our business segments, offset by lower production on key Lear platforms.
Core operating earnings were $302 million, or 5.0% of sales, in both 2024 and 2023. The flat earnings resulted primarily from positive operating performance and the addition of new business, offset by lower production on key Lear platforms and the impact of foreign exchange. In the Seating segment, margins and adjusted margins were 6.2% and 6.8% of sales, respectively. In the E-Systems segment, margins and adjusted margins were 4.4% and 5.3% of sales, respectively.
Earnings per share were $3.02. Adjusted earnings per share were $3.60, up 8% compared to a year ago, primarily reflecting the benefit of our share repurchase program.
In the second quarter of 2024, net cash from operating activities was $291 million, and free cash flow(1) was $170 million.
(1) For more information regarding our non-GAAP financial measures, see "Non-GAAP Financial Information" below.
(2) The production change on a Lear sales-weighted basis is calculated using Lear's prior year regional sales mix and second 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 second quarter of 2024, Lear repurchased 477,932 shares of our common stock for a total of $60 million. At the end of the second quarter, we had a remaining share repurchase authorization of approximately $1.4 billion, which reflects approximately 21% of our total market capitalization at current market prices.
Since initiating the share repurchase program in 2011, we have repurchased 56.2 million shares of our common stock for a total of $5.3 billion at an average price of $93.88 per share. This represents a reduction of approximately 53% of our shares outstanding since the time we began the program.
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:
Full Year 2024 Financial Outlook |
|||
Net Sales |
$23,230 million - $23,670 million |
||
Core Operating Earnings |
$1,030 million - $1,200 million |
||
Adjusted EBITDA |
$1,670 million - $1,840 million |
||
Restructuring Costs |
≈$150 million |
||
Operating Cash Flow |
$1,135 million - $1,285 million |
||
Capital Spending |
≈$650 million |
||
Free Cash Flow |
$485 million - $635 million |
The financial outlook is based on a full year average exchange rate of $1.085/Euro and 7.20 RMB/$.
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.
Second Quarter 2024 Conference Call and Webcast Information
A conference call and webcast will be held to discuss Lear's second quarter 2024 financial results and related matters on July 25, 2024, at 9:00 a.m. EDT. The webcast link for the conference call will be available through Lear's investor relations webpage at ir.lear.com. In addition, the conference call can be accessed by dialing 1-877-883-0383 (domestic) or 1-412-902-6506 (international) with Conference I.D. 4935995. The webcast replay will be available two hours following the call.
Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included throughout this press release, the Company has provided information regarding "pretax income before equity income, interest, other expense, restructuring costs and other special items" (core operating earnings or adjusted segment earnings), "pretax income before equity income, interest, other expense, depreciation expense, amortization of intangible assets, restructuring costs and other special items" (adjusted EBITDA), "adjusted depreciation and amortization," "adjusted net income attributable to Lear" (adjusted net income), "adjusted diluted net income per share attributable to Lear" (adjusted earnings per share) and "free cash flow" (each, a non-GAAP financial measure). Other expense includes, among other things, non-income related taxes, foreign exchange gains and losses, gains and losses related to certain derivative instruments and hedging activities, gains and losses on the disposal of fixed assets and the non-service cost components of net periodic benefit cost. Adjusted depreciation and amortization represents depreciation expense and amortization of intangible assets adjusted for intangible asset impairment charges. Adjusted net income and adjusted earnings per share represent net income attributable to Lear and diluted net income per share attributable to Lear, respectively, adjusted for restructuring costs and other special items, including the tax effect thereon. Free cash flow represents net cash provided by operating activities less capital expenditures.
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 December 31, 2023, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, supply chain disruptions, labor disruptions, commodity prices, changes in foreign exchange rates, the impact of restructuring actions and the Company's success in implementing its operating strategy.
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 E-Systems business. The Company enters into contracts with its customers to provide production parts generally at the beginning of a vehicle's life cycle. Typically, these contracts do not provide for a specified quantity of production, and many of these contracts may be terminated by the Company's customers at any time. Therefore, these contracts do not represent firm orders. Further, the calculation of the core sales backlog does not reflect customer price reductions on existing or newly awarded programs. The core sales backlog may be impacted by various assumptions embedded in the calculation, including vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.
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 Corporation
Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear's diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks 174 on the Fortune 500. Further information about Lear is available at lear.com.
Lear Corporation and Subsidiaries |
||||
Three Months Ended |
||||
June 29, |
July 1, |
|||
Net sales |
$ 6,012.4 |
$ 5,999.2 |
||
Cost of sales |
5,563.6 |
5,542.2 |
||
Selling, general and administrative expenses |
175.3 |
182.8 |
||
Amortization of intangible assets |
12.7 |
16.0 |
||
Interest expense |
26.9 |
26.2 |
||
Other expense, net |
7.4 |
19.5 |
||
Consolidated income before income taxes and equity in net income of |
226.5 |
212.5 |
||
Income taxes |
46.2 |
41.5 |
||
Equity in net income of affiliates |
(14.1) |
(16.2) |
||
Consolidated net income |
194.4 |
187.2 |
||
Net income attributable to noncontrolling interests |
21.3 |
18.5 |
||
Net income attributable to Lear |
$ 173.1 |
$ 168.7 |
||
Diluted net income per share attributable to Lear |
$ 3.02 |
$ 2.84 |
||
Weighted average number of diluted shares outstanding |
57.2 |
59.4 |
||
Lear Corporation and Subsidiaries |
||||
Six Months Ended |
||||
June 29, |
July 1, |
|||
Net sales |
$ 12,007.0 |
$ 11,844.7 |
||
Cost of sales |
11,160.1 |
10,957.7 |
||
Selling, general and administrative expenses |
361.8 |
359.6 |
||
Amortization of intangible assets |
27.8 |
31.9 |
||
Interest expense |
53.0 |
50.4 |
||
Other expense, net |
20.9 |
33.2 |
||
Consolidated income before income taxes and equity in net income of |
383.4 |
411.9 |
||
Income taxes |
86.7 |
87.1 |
||
Equity in net income of affiliates |
(24.6) |
(25.8) |
||
Consolidated net income |
321.3 |
350.6 |
||
Net income attributable to noncontrolling interests |
38.6 |
38.3 |
||
Net income attributable to Lear |
$ 282.7 |
$ 312.3 |
||
Diluted net income per share available to Lear common stockholders |
$ 4.92 |
$ 5.25 |
||
Weighted average number of diluted shares outstanding |
57.4 |
59.5 |
||
Lear Corporation and Subsidiaries |
||||
June 29, |
December 31, |
|||
(Unaudited) |
(Audited) |
|||
ASSETS |
||||
Current: |
||||
Cash and cash equivalents |
$ 950.3 |
$ 1,196.3 |
||
Accounts receivable |
4,158.8 |
3,681.2 |
||
Inventories |
1,702.4 |
1,758.0 |
||
Other |
969.3 |
1,001.4 |
||
7,780.8 |
7,636.9 |
|||
Long-Term: |
||||
PP&E, net |
2,864.7 |
2,977.4 |
||
Goodwill |
1,720.4 |
1,737.9 |
||
Other |
2,316.0 |
2,343.3 |
||
6,901.1 |
7,058.6 |
|||
Total Assets |
$ 14,681.9 |
$ 14,695.5 |
||
LIABILITIES AND EQUITY |
||||
Current: |
||||
Short-term borrowings |
$ 26.8 |
$ 27.5 |
||
Accounts payable and drafts |
3,552.2 |
3,434.2 |
||
Accrued liabilities |
2,238.5 |
2,205.2 |
||
Current portion of long-term debt |
0.3 |
0.3 |
||
5,817.8 |
5,667.2 |
|||
Long-Term: |
||||
Long-term debt |
2,743.5 |
2,742.6 |
||
Other |
1,206.6 |
1,225.1 |
||
3,950.1 |
3,967.7 |
|||
Equity |
4,914.0 |
5,060.6 |
||
Total Liabilities and Equity |
$ 14,681.9 |
$ 14,695.5 |
||
Lear Corporation and Subsidiaries |
||||
Three Months Ended |
||||
June 29, |
July 1, |
|||
Net Sales |
||||
North America |
$ 2,552.5 |
$ 2,469.8 |
||
Europe and Africa |
2,171.6 |
2,192.5 |
||
Asia |
1,074.4 |
1,109.1 |
||
South America |
213.9 |
227.8 |
||
Total |
$ 6,012.4 |
$ 5,999.2 |
||
Content per Vehicle 1 |
||||
North America |
$ 614 |
$ 604 |
||
Europe and Africa |
$ 481 |
$ 457 |
||
Free Cash Flow 2 |
||||
Net cash provided by operating activities |
$ 291.2 |
$ 311.4 |
||
Settlement of accounts payable in conjunction with acquisition of IGB |
— |
15.4 |
||
Capital expenditures |
(120.8) |
(168.3) |
||
Free cash flow |
$ 170.4 |
$ 158.5 |
||
Core Operating Earnings 2 |
||||
Net income attributable to Lear |
$ 173.1 |
$ 168.7 |
||
Interest expense |
26.9 |
26.2 |
||
Other expense, net |
7.4 |
19.5 |
||
Income taxes |
46.2 |
41.5 |
||
Equity in net income of affiliates |
(14.1) |
(16.2) |
||
Net income attributable to noncontrolling interests |
21.3 |
18.5 |
||
Restructuring costs and other special items - |
||||
Costs related to restructuring actions |
33.7 |
34.3 |
||
Acquisition costs |
0.4 |
0.2 |
||
Acquisition-related inventory fair value adjustment |
— |
1.8 |
||
Impairments related to Fisker |
0.3 |
— |
||
Impairments related to Russian operations |
(0.3) |
— |
||
Intangible asset impairment |
— |
1.0 |
||
Gain related to typhoon in the Philippines |
— |
(0.3) |
||
Other |
7.1 |
6.6 |
||
Core operating earnings |
$ 302.0 |
$ 301.8 |
||
Lear Corporation and Subsidiaries |
||||
Three Months Ended |
||||
June 29, |
July 1, |
|||
Adjusted Net Income and Adjusted Earnings Per Share 2 |
||||
Net income attributable to Lear |
$ 173.1 |
$ 168.7 |
||
Restructuring costs and other special items - |
||||
Costs related to restructuring actions |
32.1 |
34.3 |
||
Acquisition costs |
0.4 |
0.2 |
||
Acquisition-related inventory fair value adjustment |
— |
1.8 |
||
Impairments related to Fisker |
0.3 |
— |
||
Impairments related to Russian operations |
(0.3) |
— |
||
Intangible asset impairment |
— |
1.0 |
||
Gain related to typhoon in the Philippines |
— |
(0.3) |
||
Foreign exchange (gains) losses due to foreign exchange rate volatility |
1.0 |
(1.0) |
||
Other |
9.6 |
7.2 |
||
Tax impact of special items and other net tax adjustments 3 |
(10.4) |
(14.0) |
||
Adjusted net income |
$ 205.8 |
$ 197.9 |
||
Weighted average number of diluted shares outstanding |
57.2 |
59.4 |
||
Diluted net income per share available to Lear |
$ 3.02 |
$ 2.84 |
||
Adjusted earnings per share |
$ 3.60 |
$ 3.33 |
||
Adjusted Depreciation and Amortization 2 |
||||
Depreciation and amortization |
$ 153.9 |
$ 151.2 |
||
Less - Intangible asset impairment |
— |
1.0 |
||
Adjusted depreciation and amortization |
$ 153.9 |
$ 150.2 |
||
Lear Corporation and Subsidiaries |
||||
Six Months Ended |
||||
June 29, |
July 1, |
|||
Net Sales |
||||
North America |
$ 5,028.4 |
$ 4,849.8 |
||
Europe and Africa |
4,425.4 |
4,423.5 |
||
Asia |
2,134.1 |
2,128.6 |
||
South America |
419.1 |
442.8 |
||
Total |
$ 12,007.0 |
$ 11,844.7 |
||
Content per Vehicle 1 |
||||
North America |
$ 619 |
$ 608 |
||
Europe and Africa |
$ 478 |
$ 461 |
||
Free Cash Flow 2 |
||||
Net cash provided by operating activities |
$ 256.6 |
$ 275.8 |
||
Settlement of accounts payable in conjunction with acquisition of IGB |
— |
15.4 |
||
Capital expenditures |
(234.4) |
(280.1) |
||
Free cash flow |
$ 22.2 |
$ 11.1 |
||
Core Operating Earnings 2 |
||||
Net income attributable to Lear |
$ 282.7 |
$ 312.3 |
||
Interest expense |
53.0 |
50.4 |
||
Other expense, net |
20.9 |
33.2 |
||
Income taxes |
86.7 |
87.1 |
||
Equity in net income of affiliates |
(24.6) |
(25.8) |
||
Net income attributable to noncontrolling interests |
38.6 |
38.3 |
||
Restructuring costs and other special items - |
||||
Costs related to restructuring actions |
88.0 |
48.9 |
||
Acquisition costs |
0.5 |
0.5 |
||
Acquisition-related inventory fair value adjustment |
— |
1.8 |
||
Impairments related to Fisker |
14.8 |
— |
||
Impairments related to Russian operations |
1.1 |
— |
||
Intangible asset impairment |
— |
1.9 |
||
Costs related to typhoon in the Philippines |
— |
0.2 |
||
Other |
20.1 |
16.4 |
||
Core operating earnings |
$ 581.8 |
$ 565.2 |
||
Lear Corporation and Subsidiaries |
||||
Six Months Ended |
||||
June 29, |
July 1, |
|||
Adjusted Net Income Attributable to Lear 2 |
||||
Net income attributable to Lear |
$ 282.7 |
$ 312.3 |
||
Restructuring costs and other special items - |
||||
Costs related to restructuring actions |
86.4 |
48.9 |
||
Acquisition costs |
0.5 |
0.5 |
||
Acquisition-related inventory fair value adjustment |
— |
1.8 |
||
Impairments related to Fisker |
14.8 |
— |
||
Impairments related to Russian operations |
1.1 |
— |
||
Intangible asset impairment |
— |
1.9 |
||
Costs related to typhoon in the Philippines |
— |
0.2 |
||
Foreign exchange (gains) losses due to foreign exchange rate volatility |
1.0 |
(2.0) |
||
Loss related to affiliate |
2.2 |
5.0 |
||
Other |
23.4 |
12.2 |
||
Tax impact of special items and other net tax adjustments 3 |
(23.1) |
(17.1) |
||
Adjusted net income attributable to Lear |
$ 389.0 |
$ 363.7 |
||
Weighted average number of diluted shares outstanding |
57.4 |
59.5 |
||
Diluted net income per share available to Lear common stockholders |
$ 4.92 |
$ 5.25 |
||
Adjusted earnings per share |
$ 6.78 |
$ 6.12 |
||
Adjusted Depreciation and Amortization 2 |
||||
Depreciation and amortization |
$ 309.2 |
$ 298.4 |
||
Less - Intangible asset impairment |
— |
1.9 |
||
Adjusted depreciation and amortization |
$ 309.2 |
$ 296.5 |
||
Diluted Shares Outstanding at End of Period 4 |
56,928,966 |
59,210,340 |
||
1 Content per Vehicle for 2023 has been updated to reflect actual production levels. |
||||
2 See "Non-GAAP Financial Information" included in this press release. |
||||
3 Represents the tax effect of restructuring costs and other special items, as well as several discrete tax items. |
||||
4 Calculated using stock price at end of quarter. |
||||
Lear Corporation and Subsidiaries |
||||
Three Months Ended |
||||
June 29, |
July 1, |
|||
Adjusted Segment Earnings |
||||
Seating |
||||
Net sales |
$ 4,447.0 |
$ 4,468.1 |
||
Segment earnings |
$ 276.0 |
$ 292.9 |
||
Restructuring costs and other special items - |
||||
Costs related to restructuring actions |
22.9 |
25.3 |
||
Acquisition-related inventory fair value adjustment |
— |
1.8 |
||
Impairments related to Russian operations |
(0.3) |
— |
||
Other |
3.5 |
2.1 |
||
Adjusted segment earnings |
$ 302.1 |
$ 322.1 |
||
Segment margins |
6.2 % |
6.6 % |
||
Adjusted segment margins |
6.8 % |
7.2 % |
||
E-Systems |
||||
Net sales |
$ 1,565.4 |
$ 1,531.1 |
||
Segment earnings |
$ 69.5 |
$ 52.9 |
||
Restructuring and other special items - |
||||
Costs related to restructuring actions |
10.0 |
8.1 |
||
Impairments related to Fisker |
0.3 |
— |
||
Intangible asset impairment |
— |
1.0 |
||
Gain related to typhoon in the Philippines |
— |
(0.5) |
||
Other |
2.4 |
1.8 |
||
Adjusted segment earnings |
$ 82.2 |
$ 63.3 |
||
Segment margins |
4.4 % |
3.5 % |
||
Adjusted segment margins |
5.3 % |
4.1 % |
||
Lear Corporation and Subsidiaries |
||||
Six Months Ended |
||||
June 29, |
July 1, |
|||
Adjusted Segment Earnings |
||||
Seating |
||||
Net sales |
$ 8,924.6 |
$ 8,921.1 |
||
Segment earnings |
$ 517.6 |
$ 578.7 |
||
Costs related to restructuring actions |
66.6 |
37.3 |
||
Acquisition-related inventory fair value adjustment |
— |
1.8 |
||
Impairments related to Fisker |
2.3 |
— |
||
Impairments related to Russian operations |
1.1 |
— |
||
Other |
9.4 |
4.7 |
||
Adjusted segment earnings |
$ 597.0 |
$ 622.5 |
||
Segment margins |
5.8 % |
6.5 % |
||
Adjusted segment margins |
6.7 % |
7.0 % |
||
E-Systems |
||||
Net sales |
$ 3,082.4 |
$ 2,923.6 |
||
Segment earnings |
$ 123.6 |
$ 95.2 |
||
Costs related to restructuring actions |
18.8 |
10.4 |
||
Impairments related to Fisker |
12.5 |
— |
||
Intangible asset impairment |
— |
1.9 |
||
Gain related to typhoon in the Philippines |
— |
(0.1) |
||
Other |
4.4 |
4.8 |
||
Adjusted segment earnings |
$ 159.3 |
$ 112.2 |
||
Segment margins |
4.0 % |
3.3 % |
||
Adjusted segment margins |
5.2 % |
3.8 % |
||
SOURCE Lear Corporation
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