4 August 2023
Lear Corporation, a global automotive technology provider in Seating and E-Systems, reported results on August 1 for the second quarter of 2023. Sales increased 18% to US$6 billion compared with US5.1 billion in the last period of 2022.
In the second quarter, global vehicle production increased by 15% compared with a year ago, with North America up 15%, Europe up 15% and China up 19%. Global vehicle production increased 15% on a Lear sales-weighted basis.
Sales in the second quarter increased 18% to US$6 billion compared with a year ago. Excluding the impact of commodities, foreign exchange and acquisitions, sales were up 17%, reflecting increased production on key Lear platforms and the addition of new business in both of our business segments. Sales growth over market in the second quarter was two percentage points, driven primarily by the impact of new business in both business segments.
Core operating earnings were US$302 million, or 5% of sales, compared to US$187 million, or 3.7% of sales, in 2022. The increase in earnings resulted primarily from higher production on key Lear platforms and the addition of new business. In the Seating segment, margins and adjusted margins were 6.6% and 7.2% of sales, respectively.
“Lear’s positive momentum accelerated in the second quarter with record sales and improved operating results in both business segments,” said Ray Scott, Lear’s President and Chief Executive Officer. “Core operating earnings in the quarter were the highest in over two years and sales once again outpaced market growth rates.”