Lear Full-Year Report 2022
Full Year 2022 Highlights
- Sales increased 8% to $20.9 billion, compared to $19.3 billion for the full year 2021
- Sales growth over market of 5 percentage points, with Seating at 5 percentage points and E-Systems at 4 percentage points
- Net income of $328 million and adjusted net income of $523 million, compared to $374 million and $480 million, respectively, for the full year 2021
- Core operating earnings increased 5% to $871 million, compared to $826 million for the full year 2021
For the full year 2022, global vehicle production increased by 7% compared to a year ago, with North America up 10%, Europe down 1% and China up 8%. Global vehicle production increased 5% on a Lear sales-weighted basis(2).
Sales for the full year increased 8% to $20.9 billion compared to a year ago. Excluding the impact of commodities, foreign exchange and acquisitions, sales were up 10%, reflecting the addition of new business in both of our business segments and increased production on key Lear platforms. Sales growth over market for the full year was 5 percentage points, driven primarily by the impact of new business in both segments.
Core operating earnings were $871 million, or 4.2% of sales, compared to $826 million, or 4.3% of sales, in 2021. The increase in earnings resulted primarily from the addition of new business and higher production on key Lear platforms, partially offset by higher commodity costs and the impact of foreign exchange. Excluding the impact of higher commodity costs, both of our business segments had positive operating performance. In the Seating segment, margins and adjusted margins were 5.7% and 6.2% of sales, respectively. In the E-Systems segment, margins and adjusted margins were 1.4% and 3.5% of sales, respectively.
Earnings per share were $5.47, compared to $6.19 in 2021. Adjusted earnings per share were $8.72, up from $7.94 per share in 2021, reflecting higher operating earnings.
