Lear Full-Year Report 2023

“Lear delivered record sales and strong earnings growth in 2023, reflecting the execution of our strategy and a recovering industry,” said Ray Scott, Lear’s President and Chief Executive Officer.

Highlights

• Sales increased 12% to a record $23.5 billion, compared to $20.9 billion for the full year of 2022
• Net income of $573 million and adjusted net income of $710 million, compared to $328 million and $523 million, respectively, for the full year 2022
• Core operating earnings increased 29% to $1,120 million, compared to $871 million for the full year 2022
• Earnings per share of $9.68 and adjusted earnings per share of $12.02, compared to $5.47 and $8.72, respectively, for the full year 2022
• Adjusted earnings per share increased 38%, reflecting higher earnings and the benefit of our share repurchase program
• Net cash provided by operating activities of $1,249 million and free cash flow of $638 million, compared to $1,021 million and $383 million, respectively, for the full year 2022
• Repurchased $313 million of Lear shares and paid $182 million in dividends
• Cash and cash equivalents at year-end of $1.2 billion and total liquidity of $3.2 billion
• Completed acquisition of IGB and outlined Seating Thermal Comfort Systems strategy, which will support market share gains and earnings growth
• $2.8 billion core sales backlog for 2024-2026 supporting continued sales growth in both business segments