SOUTHFIELD, Mich., June 27, 2018 /PRNewswire/ -- Lear
Corporation (NYSE: LEA), a leading global supplier of automotive
seating and electrical systems, today is hosting an Investor Day at
its Global Product and Technology Center in Southfield, Michigan. The Lear team will
outline plans to leverage its unique product capabilities to
profitably grow sales in both business segments. The Company
will also review its convergence opportunity to leverage its
E-Systems electronics and software capabilities to offer industry
leading seating innovations.
Ray Scott, Lear's President and
CEO, commented, "Lear is in the strongest competitive position in
its 100-year history, at a time when industry trends, such as
electrification, connectivity and mobility, are driving tremendous
growth opportunities." Scott added, "This is truly an
exciting time in the automotive industry, and Lear is positioned to
accelerate our growth, improve our earnings and continue to deliver
superior shareholder returns."
During the meeting, the Company will outline growth
opportunities that would increase total sales from $22 billion this year to over $30 billion in 2023 while increasing core
operating margins. Lear's product segment presidents,
Frank Orsini for Seating and
Jeneanne Hanley for E-Systems, will
provide detailed reviews of their unique product and process
capabilities that will drive future growth. In addition, Lear
will formally introduce its new Chief Technology Officer,
John Absmeier, to the investment
community. All of the presentations from the Investor Day are
now posted on Lear's website at lear.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding anticipated financial results and liquidity. The words
"will," "may," "designed to," "outlook," "believes," "should,"
"anticipates," "plans," "expects," "intends," "estimates,"
"forecasts" and similar expressions identify certain of these
forward-looking statements. The Company also may provide
forward-looking statements in oral statements or other written
materials released to the public. All statements contained or
incorporated in this press release or in any other public
statements that address operating performance, events or
developments that the Company expects or anticipates may occur in
the future are forward-looking statements. Factors that could
cause actual results to differ materially from these
forward-looking statements are discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2017, and
its other Securities and Exchange Commission filings.
Future operating results will be based on various factors,
including actual industry production volumes, commodity prices and
the Company's success in implementing its operating strategy.
Information in this press release relies on assumptions in the
Company's sales backlog. The Company's sales backlog reflects
anticipated net sales from formally awarded new programs less lost
and discontinued programs. The calculation of the sales backlog
does not reflect customer price reductions on existing or newly
awarded programs. The sales backlog may be impacted by various
assumptions embedded in the calculation, including vehicle
production levels on new programs, foreign exchange rates and the
timing of major program launches.
The forward-looking statements in this press release are made as
of the date hereof, and the Company does not assume any obligation
to update, amend or clarify them to reflect events, new information
or circumstances occurring after the date hereof.
Non-GAAP Financial Information
The Company has
provided information in this press release about "pretax income
before equity income, interest, other expense, restructuring costs
and other special items" (core operating earnings and related
margin), a non-GAAP financial measure. Other expense
includes, among other things, non-income related taxes, foreign
exchange gains and losses, gains and losses related to certain
derivative instruments and hedging activities, gains and losses on
the disposal of fixed assets and the non-service cost components of
net periodic benefit cost.
Management believes the non-GAAP financial measure used in this
press release is useful to both management and investors in their
analysis of the Company's financial position and results of
operations. In particular, management believes that core
operating earnings is a useful measure in assessing the Company's
financial performance by excluding certain items that are not
indicative of the Company's core operating performance or that may
obscure trends useful in evaluating the Company's continuing
operating activities. Management also believes that this
measure is useful to both management and investors in their
analysis of the Company's results of operations and provide
improved comparability between fiscal periods. Further,
management uses this non-GAAP financial measure for planning and
forecasting future periods.
Core operating earnings should not be considered in isolation or
as a substitute for net income attributable to Lear or other income
statement data prepared in accordance with GAAP or as a measure of
profitability or liquidity.
A reconciliation of forward-looking financial measures provided
on a non-GAAP basis to the most directly comparable financial
measures calculated and presented in accordance with accounting
principles generally accepted in the
United States ("GAAP") is potentially misleading and not
practical given the difficulty of projecting event driven
transactional and other non-core operating items in any future
period. The magnitude of these items, however, may be
significant.
About Lear
Lear Corporation was founded in
Detroit in 1917 as American Metal
Products. Today, Lear is one of the world's leading suppliers
of automotive seating and electrical systems (E-Systems).
Lear serves every major automaker in the world, and Lear content
can be found on more than 400 vehicle nameplates. Lear's
world-class products are designed, engineered and manufactured by a
diverse team of approximately 165,000 employees located in 39
countries. Lear currently ranks #148 on the Fortune
500. Lear's headquarters are in Southfield, Michigan. Further
information about Lear is available at lear.com or follow us on
Twitter
@LearCorporation.
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SOURCE Lear Corporation