Lear Q1 Report 2024

Highlights

• Delivered first quarter record revenue of $6.0 billion and increased adjusted earnings per share by 14%
• Sales outperformed global industry production, driven by growth over market in E-Systems of 10 percentage points
• Seventh consecutive quarter of year-over-year margin improvement in E-Systems
• Announced the acquisition of WIP Industrial Automation to further strengthen our automation and artificial intelligence capabilities; expected to close by Q3 2024
• Accelerating momentum in thermal comfort with two component modularity projects launching in late 2024; initiated validation work for our first complete seat module scheduled to launch in North America in 2026
• Awarded our first complete seat program with FAW Toyota for a new sedan in China
• Continued to build on our strong relationship with BMW with our second wire program award in E-Systems
• Recognized as a GM Supplier of the Year for the seventh consecutive year and for the 23rd time overall
• Increased share repurchase authorization to $1.5 billion and extended the term until December 31, 2026
• Repurchased $30 million of Lear shares and paid $46 million in dividends in the quarter