SOUTHFIELD, Mich. – Lear Corp. has reported improved financial results for the fourth quarter and full year 2014 and confirmed its full year 2015 financial outlook.

For the fourth quarter of 2014, Lear reported sales of $4.5 billion, core operating earnings of $280 million, net income of $262 million and adjusted earnings per share of $2.27. This compares with sales of $4.3 billion, core operating earnings of $208 million, net income of $73 million and adjusted earnings per share of $1.55 for the fourth quarter of 2013.

For the full year 2014, Lear reported sales of $17.7 billion, core operating earnings of $1.05 billion, net income of $672 million and adjusted earnings per share of $8.15. This compares with sales of $16.2 billion, core operating earnings of $839 million, net income of $431 million and adjusted earnings per share of $5.90 in 2013.

“2014 marked our fifth consecutive year of higher sales, earnings per share and strong free cash flow,” said Matt Simoncini, Lear’s president and CEO. “Sales grew faster than industry production, and we improved our margins in both business segments on a year-over-year basis.  Our improving financial results and our strong sales backlog demonstrate that our focused strategy is delivering value for our customers and for our shareholders. The investments that we have made in expanding our Electrical business, increasing our component capabilities and improving our low-cost manufacturing and engineering footprint in both business segments, as well as the acquisitions of Eagle Ottawa and Guilford, have positioned Lear to take advantage of industry growth and major industry trends.”

Full Year 2015 Financial Outlook
Sales in 2015 are expected to be in the range of $18.5 billion to $19 billion, and core operating earnings are expected to be in the range of $1.175 to $1.225 billion. The company said these increased earnings reflect higher sales and improving company margins. Free cash flow in 2015 is expected to be approximately $575 million.