Lear Reports Record Fourth Quarter and Full Year 2017 Results
SOUTHFIELD, Mich., Jan. 26, 2018 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical systems, today reported record results for the fourth quarter and full year 2017. Highlights include:
Fourth Quarter 2017
Record sales of $5.4 billion, up 16% from a year ago
Net income of $401 million and record adjusted net income of $300 million, compared to $230 million and $270 million, respectively, in the prior year
Record core operating earnings of $441 million, up 14% from a year ago
Earnings per share of $5.80 and record adjusted earnings per share up 15% from a year ago to $4.38
Announced definitive agreement to acquire EXO Technologies
Full Year 2017
Record sales of $20.5 billion, up 10% from a year ago
Record net income of $1,313 million and record adjusted net income of $1,178 million, compared to $975 million and $1,026 million, respectively, in the prior year
Record core operating earnings of $1,719 million, up 12% from the prior year, with a record margin of 8.4%, up from 8.3% a year ago
Record earnings per share of $18.59 and record adjusted earnings per share up 21% from a year ago to $17.00
Record net cash provided by operating activities of $1.8 billion and record free cash flow of $1.2 billion
Completed acquisition of Grupo Antolins seating business
"In 2017, we continued to deliver superior results, as the investments that we have made in our business are paying off. We achieved record performance in all key financial metrics, and we further strengthened our product capabilities in both business segments. Today, we are in the strongest overall competitive position in our history. Our total return to shareholders last year was 35%. Over the last five years, we have delivered a total return to our shareholders of approximately 300%, almost three times the return of the S&P 500," said Matt Simoncini, Lear's president and chief executive officer. "Going forward, our unique product capabilities and industry-leading cost structure will allow Lear to continue to deliver profitable sales growth and superior value to our customers and shareholders."
Lear Reports Record Fourth Quarter and Full Year 2017 Results (NYSE:LEA)
