Lear Q1 Report 2023

First Quarter 2023 Highlights

• Sales increased 12% to $5.8 billion, compared to $5.2 billion in the first quarter of 2022
• Sales growth over market of 6 percentage points, with Seating at 6 percentage points and E-Systems at 4 percentage points
• Net income of $144 million and adjusted net income of $166 million, compared to $49 million and $108 million, respectively, in the first quarter of 2022
• Core operating earnings increased 43% to $263 million, compared to $184 million in the first quarter of 2022
• Earnings per share of $2.41 and adjusted earnings per share of $2.78, compared to $0.82 and $1.80, respectively, in the first quarter of 2022
• Net cash provided by (used in) operating activities of $(36) million and free cash flow of $(147) million, compared to $221 million and $90 million, respectively, in the first quarter of 2022