Lear Increases 2023 Financial Outlook, Margins in Seating

Lear Corporation, a global automotive technology company in seating and e-systems, increased its 2023 financial outlook and seating target margins during its Seating Product Day.

According to Learn, highlights include:

Increased 2023 outlook for net sales, core operating earnings and free cash flow;
Increased JIT seating market share target to 29% (from 28%) by 2027 and introduced overall seating market share target of 32% by 2027;
Increased seating target margin range to 8.5% to 9.0% (from 7.5% to 8.5%);
Expect seating adjusted earnings to increase by approx. $700 million from 2023 to 2027;
2023 Thermal Comfort Systems awards are more than 40% ahead of last year;
Targeting No. 1 or No. 2 market positions for key thermal comfort systems product categories by 2027;
The control of 259 patent assets on FlexAir and modularity;
Increased expected thermal comfort systems total addressable market industry outgrowth to 4 percentage points (from 2 percentage points) annually through 2027;
Increased thermal comfort systems revenue target to $1 billion (from $800 million) by 2027;
Awarded first-to-market contract to supply INTU products on several future vehicle models with a luxury European automaker;
Awarded first FlexAir production contract on a crossover vehicle launching in 2024 with an Asian automaker;
Announced exclusive automotive license for FlexAir technology
Announced 16 development projects on 41 platforms for FlexAir and modularity.