SOUTHFIELD, Mich. – Lear Corp. has reported financial results for the third quarter.
For the third quarter of 2013, Lear reported sales of $3.9 billion, core operating earnings of $207 million, net income of $113 million and adjusted earnings per share of $1.45. This compares with sales of $3.5 billion, core operating earnings of $179 million, net income of $121 million and adjusted earnings per share of $1.29 in the third quarter of 2012.
"I’m pleased with our solid financial results in the third quarter," said Matt Simoncini, Lear’s president and CEO. "Our sales are increasing faster than the overall industry, and the investments we have made in the business have improved our competitive position and are driving profitable growth."
Lear has increased its full year 2013 financial outlook for sales, earnings and free cash flow. Sales in 2013 are expected to be approximately $16 billion, up from the prior outlook of approximately $15.8 billion. Core operating earnings are expected to be approximately $835 million, up from the prior outlook of $750 to $800 million, and free cash flow is expected to be approximately $325 million, up $25 million from the prior outlook.
"Our improving financial results reflect the investments we have made to grow our business and improve our cost structure," added Simoncini. "In addition, we have returned approximately $1.7 billion to shareholders in the form of share repurchases and dividends since early 2011. Our share repurchases have resulted in a reduction of approximately 25 percent of our outstanding shares. This combination of improving financial results and increased return of cash to shareholders is driving shareholder value."
