SOUTHFIELD, Mich., Nov. 1, 2022
/PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive
technology leader in Seating and E-Systems, today reported results
for the third quarter 2022.
Third Quarter 2022 Highlights
- Sales increased 23% to $5.2
billion, compared to $4.3
billion in the third quarter of 2021
- Net income (loss) of $92 million
and adjusted net income of $140
million, compared to $(27)
million and $32 million,
respectively, in the third quarter of 2021
- Core operating earnings of $235
million, compared to $98
million in the third quarter of 2021
- Earnings (loss) per share of $1.54 and adjusted earnings per share of
$2.33, compared to $(0.44) and $0.53,
respectively, in the third quarter of 2021
- Net cash provided by (used in) operating activities of
$252 million and free cash flow of
$112 million, compared to
$(4) million and $(157) million, respectively, in the third
quarter of 2021
- Selected by General Motors to exclusively supply the Battery
Disconnect Unit (BDU) on all full-size SUVs and trucks built on the
automaker's Ultium battery EV platform through 2030
- Received more than twice as many J.D. Power 2022 U.S. Seat
Quality and Satisfaction StudySM awards than any other
seat supplier, with two best in segment and seven total awards
- Awarded a 2022 Automotive News PACEpilot award for ConfigurE+
with zonal safety technology, the first wireless and
electronics-based system that identifies seat location and occupant
status to activate safety features
- Joined the Climate Group's RE100 initiative, committing to
source 100% of the electricity used across global operations from
renewable sources by 2030
- Returned $71 million to
shareholders through dividends and share repurchases
- Cash and cash equivalents of $842
million and total available liquidity of $2.8 billion at quarter end
"Lear delivered improved financial results in the third quarter,
reflecting higher industry volumes and our strong new business
backlog," said Ray Scott, Lear's
President and Chief Executive Officer. "We expect further
improvement in both business segments in the fourth quarter.
We continue to win electrification awards in E-Systems,
highlighted by our most significant award to date to supply our BDU
across all full-size SUVs and trucks built on General Motors'
Ultium EV battery platform through 2030. In Seating, we once
again won more than twice as many J.D. Power seat quality awards
than any other seating supplier. We continue to focus our
efforts on operational efficiencies, developing innovative
solutions for our customers, and increasing earnings and cash
flow."
Third Quarter
Financial Results
(in millions, except
per share amounts)
|
|
|
2022
|
|
2021
|
Reported
|
|
|
|
Sales
|
$5,241.2
|
|
$4,268.2
|
Net
income/(loss)
|
$92.3
|
|
$(26.5)
|
Earnings/(loss) per
share
|
$1.54
|
|
$(0.44)
|
|
|
|
|
Adjusted(1)
|
|
|
|
Core operating
earnings
|
$234.6
|
|
$98.2
|
Adjusted net
income
|
$139.5
|
|
$32.0
|
Adjusted earnings per
share
|
$2.33
|
|
$0.53
|
In the third quarter, global vehicle production increased by 29%
compared to a year ago, with North
America up 24%, Europe up
20% and China up 35%. Global
production increased on a Lear sales-weighted basis(2)
by approximately 25%.
Sales in the third quarter increased 23% to $5.2 billion
compared to a year ago. Excluding the impact of foreign exchange,
commodities and acquisitions, sales were up 26%, reflecting
increased production on key Lear platforms and the addition of new
business in both business segments. Sales growth over market in the
third quarter was one percentage point, driven primarily by the
impact of new business in both business segments largely offset by
negative platform mix. Year-to-date sales growth over market was
four percentage points.
Core operating earnings were $235 million, or 4.5% of
sales, compared to $98 million, or 2.3% of sales, in
2021. The increase in earnings resulted primarily from higher
production on key Lear platforms and the addition of new business,
which were partially offset by the impact of foreign exchange.
In the Seating segment, margins and adjusted margins were
5.7% and 6.6% of sales, respectively. In the E-Systems
segment, margins and adjusted margins were 3.5% and 3.9% of sales,
respectively.
Earnings per share were $1.54. Adjusted earnings per
share were $2.33, up from $0.53 in 2021, primarily
reflecting higher operating earnings.
In the third quarter of 2022, net cash provided by operating
activities was $252 million, and
free cash flow(1) was $112 million.
(1) For more information regarding our non-GAAP
financial measures, see "Non-GAAP Financial Information" below.
(2) The production change on a Lear
sales-weighted basis is calculated using Lear's prior year regional
sales mix and third quarter fiscal calendar. Management
believes this provides a more meaningful comparison of the
Company's global revenue growth relative to global vehicle
production.
Share Repurchases
During the third quarter of 2022, we repurchased 187,192 shares
of our common stock for a total of $25.0
million. At the end of the third quarter, we had a
remaining share repurchase authorization of approximately
$1.3 billion, which expires on
December 31, 2024, and reflects
approximately 15% of our total market capitalization at current
market prices.
Since initiating the share repurchase program in 2011, we have
repurchased 53.0 million shares of our common stock for a total of
$4.8 billion at an average price of
$91.42 per share. This represents a
reduction of approximately 50% of our shares outstanding since the
time we began the program.
2022 Financial Outlook
Our 2022 financial outlook has not changed from our prior
outlook and is summarized below:
|
Full Year 2022
Financial Outlook
|
|
|
|
Net Sales
|
$20,550 - $21,050
million
|
|
|
Core Operating
Earnings
|
$815 - $915
million
|
|
|
Adjusted
EBITDA
|
$1,405 - $1,505
million
|
|
|
Restructuring
Costs
|
≈$150
million
|
|
|
Operating Cash
Flow
|
$950 - $1,075
million
|
|
|
Capital
Spending
|
$675 - $700
million
|
|
|
Free Cash
Flow
|
$275 - $375
million
|
|
|
The industry volume assumptions underlying Lear's 2022 financial
outlook are derived from several sources, including internal
estimates, customer production schedules and the most recent
S&P Global Mobility production estimates for Lear's vehicle
platforms.
The financial outlook is based on a full year average exchange
rate of $1.05/Euro and
6.69 RMB/$.
Certain of the forward-looking financial measures above are
provided on a non-GAAP basis. The Company does not provide a
reconciliation of such forward-looking measures to the most
directly comparable financial measures calculated and presented in
accordance with GAAP because to do so would be
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.
Third Quarter 2022 Conference Call and Webcast
Information
A conference call and webcast will be held to discuss Lear's
third quarter 2022 financial results and related matters on
November 1, 2022, at 8:30 a.m. EDT. The webcast link for the
conference call will be available through Lear's investor relations
webpage at ir.lear.com. In addition, the conference call can be
accessed by dialing 1-877-883-0383 (domestic) or 1-412-902-6506
(international) with Conference I.D. 9206262. The webcast replay
will be available two hours following the call.
Non-GAAP Financial Information
In addition to the results reported in accordance with
accounting principles generally accepted in the United States (GAAP) included throughout
this press release, the Company has provided information regarding
"pretax income before equity (income) loss, interest, other
(income) expense, restructuring costs and other special items"
(core operating earnings or adjusted segment earnings), "pretax
income before equity (income) loss, interest, other (income)
expense, depreciation expense, amortization of intangible assets,
restructuring costs and other special items" (adjusted EBITDA),
"adjusted depreciation and amortization," "adjusted net income
attributable to Lear" (adjusted net income), "adjusted diluted net
income per share attributable to Lear" (adjusted earnings per
share) and "free cash flow" (each, a non-GAAP financial measure).
Other (income) 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. Adjusted
depreciation and amortization represents depreciation expense and
amortization of intangible assets adjusted for intangible asset
impairment charges. Adjusted net income and adjusted earnings per
share represent net income (loss) attributable to Lear and diluted
net income (loss) per share attributable to Lear, respectively,
adjusted for restructuring costs and other special items, including
the tax effect thereon. Free cash flow represents net cash provided
by (used in) operating activities less capital expenditures.
Management believes the non-GAAP financial measures used in this
press release are 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, adjusted EBITDA, adjusted depreciation and amortization,
adjusted net income and adjusted earnings per share are useful
measures 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 these measures provide improved
comparability between fiscal periods. Management believes that free
cash flow is useful to both management and investors in their
analysis of the Company's ability to service and repay its debt.
Further, management uses these non-GAAP financial measures for
planning and forecasting future periods.
Core operating earnings, adjusted EBITDA, adjusted depreciation
and amortization, adjusted net income, adjusted earnings per share
and free cash flow should not be considered in isolation or as a
substitute for net income (loss) attributable to Lear, diluted net
income (loss) per share attributable to Lear, cash provided by
(used in) operating activities or other income statement or cash
flow statement data prepared in accordance with GAAP or as a
measure of profitability or liquidity. In addition, the calculation
of free cash flow does not reflect cash used to service debt and,
therefore, does not reflect funds available for investment or other
discretionary uses. Also, these non-GAAP financial measures, as
determined and presented by the Company, may not be comparable to
related or similarly titled measures reported by other
companies.
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,
2021, its Quarterly Reports on Form 10-Q for the quarters
ended April 2, 2022 and July 2, 2022, and its other Securities and
Exchange Commission filings. Future operating results will be based
on various factors, including actual industry production volumes,
the impact of the ongoing COVID-19 pandemic and the Ukraine war on the Company's business and the
global economy, supply chain disruptions, commodity prices, changes
in foreign exchange rates, the impact of restructuring actions 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 Company enters into contracts with
its customers to provide production parts generally at the
beginning of a vehicle's life cycle. Typically, these contracts do
not provide for a specified quantity of production, and many of
these contracts may be terminated by the Company's customers at any
time. Therefore, these contracts do not represent firm orders.
Further, 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.
About Lear Corporation
Lear, a global automotive technology leader in Seating and
E-Systems, enables superior in-vehicle experiences for consumers
around the world. Lear's diverse team of talented employees in 38
countries is driven by a commitment to innovation, operational
excellence, and sustainability. Lear is Making every drive betterâ„¢
by providing the technology for safer, smarter, and more
comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major
automaker in the world and ranks 186 on the Fortune 500. Further
information about Lear is available at lear.com or on Twitter
@LearCorporation.
Lear Corporation and
Subsidiaries
Condensed
Consolidated Statements of Income (Loss)
(Unaudited; in
millions, except per share amounts)
|
|
|
|
Three Months Ended
|
|
|
October 1,
2022
|
|
October 2,
2021
|
Net sales
|
|
$
5,241.2
|
|
$
4,268.2
|
|
|
|
|
|
Cost of
sales
|
|
4,864.3
|
|
4,041.5
|
Selling, general and
administrative expenses
|
|
163.9
|
|
163.3
|
Amortization of
intangible assets
|
|
15.2
|
|
15.8
|
Interest
expense
|
|
24.8
|
|
22.6
|
Other expense,
net
|
|
18.1
|
|
11.1
|
|
|
|
|
|
Consolidated income
before income taxes and equity in net (income) loss of
affiliates
|
|
154.9
|
|
13.9
|
Income taxes
|
|
41.7
|
|
20.9
|
Equity in net (income)
loss of affiliates
|
|
(6.0)
|
|
1.7
|
|
|
|
|
|
Consolidated net income
(loss)
|
|
119.2
|
|
(8.7)
|
Net income attributable
to noncontrolling interests
|
|
26.9
|
|
17.8
|
|
|
|
|
|
Net income (loss)
attributable to Lear
|
|
$
92.3
|
|
$
(26.5)
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to Lear
|
|
$
1.54
|
|
$
(0.44)
|
|
|
|
|
|
Weighted average number
of diluted shares outstanding
|
|
59.8
|
|
59.9
|
Lear Corporation and
Subsidiaries
Condensed
Consolidated Statements of Income
(Unaudited; in
millions, except per share amounts)
|
|
|
|
Nine Months Ended
|
|
|
October 1,
2022
|
|
October 2,
2021
|
Net sales
|
|
$
15,520.6
|
|
$
14,383.3
|
|
|
|
|
|
Cost of
sales
|
|
14,482.3
|
|
13,262.4
|
Selling, general and
administrative expenses
|
|
512.4
|
|
503.0
|
Amortization of
intangible assets
|
|
55.5
|
|
57.4
|
Interest
expense
|
|
74.6
|
|
67.2
|
Other (income) expense,
net
|
|
59.8
|
|
(28.7)
|
|
|
|
|
|
Consolidated income
before income taxes and equity in net income of
affiliates
|
|
336.0
|
|
522.0
|
Income taxes
|
|
85.6
|
|
119.1
|
Equity in net income of
affiliates
|
|
(21.0)
|
|
(9.1)
|
|
|
|
|
|
Consolidated net
income
|
|
271.4
|
|
412.0
|
Net income attributable
to noncontrolling interests
|
|
61.2
|
|
59.6
|
|
|
|
|
|
Net income attributable
to Lear
|
|
$ 210.2
|
|
$ 352.4
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share available to Lear common stockholders
|
|
$
3.50
|
|
$
5.83
|
|
|
|
|
|
Weighted average number
of diluted shares outstanding
|
|
60.0
|
|
60.5
|
Lear Corporation and
Subsidiaries
Condensed
Consolidated Balance Sheets
(In
millions)
|
|
|
|
October 1,
2022
|
|
December 31,
2021
|
|
|
(Unaudited)
|
|
(Audited)
|
ASSETS
|
|
|
|
|
Current:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
842.2
|
|
$
1,318.3
|
Accounts
receivable
|
|
3,570.3
|
|
3,041.5
|
Inventories
|
|
1,594.1
|
|
1,571.9
|
Other
|
|
918.1
|
|
833.5
|
|
|
6,924.7
|
|
6,765.2
|
Long-Term:
|
|
|
|
|
PP&E,
net
|
|
2,704.9
|
|
2,720.1
|
Goodwill
|
|
1,604.8
|
|
1,657.9
|
Other
|
|
2,144.8
|
|
2,209.2
|
|
|
6,454.5
|
|
6,587.2
|
|
|
|
|
|
Total Assets
|
|
$
13,379.2
|
|
$
13,352.4
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Current:
|
|
|
|
|
Short-term
borrowings
|
|
$
3.9
|
|
$
—
|
Accounts payable and
drafts
|
|
3,278.0
|
|
2,952.4
|
Accrued
liabilities
|
|
1,906.7
|
|
1,806.7
|
Current portion of
long-term debt
|
|
1.2
|
|
0.8
|
|
|
5,189.8
|
|
4,759.9
|
Long-Term:
|
|
|
|
|
Long-term
debt
|
|
2,600.5
|
|
2,595.2
|
Other
|
|
1,161.0
|
|
1,188.9
|
|
|
3,761.5
|
|
3,784.1
|
|
|
|
|
|
Equity
|
|
4,427.9
|
|
4,808.4
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$
13,379.2
|
|
$
13,352.4
|
Lear Corporation and
Subsidiaries
Consolidated
Supplemental Data
(Unaudited; in
millions, except content per vehicle and per share
amounts)
|
|
|
|
Three Months Ended
|
|
|
October 1,
2022
|
|
October 2,
2021
|
Net Sales
|
|
|
|
|
North
America
|
|
$
2,284.2
|
|
$
1,789.3
|
Europe and
Africa
|
|
1,588.8
|
|
1,333.4
|
Asia
|
|
1,142.9
|
|
962.0
|
South
America
|
|
225.3
|
|
183.5
|
Total
|
|
$
5,241.2
|
|
$
4,268.2
|
|
|
|
|
|
Content per Vehicle 1
|
|
|
|
|
North
America
|
|
$
632
|
|
$
616
|
Europe and
Africa
|
|
$
438
|
|
$
444
|
|
|
|
|
|
Free Cash Flow 2
|
|
|
|
|
Net cash provided by
(used in) operating activities
|
|
$
252.1
|
|
$
(4.4)
|
Capital
expenditures
|
|
(140.4)
|
|
(152.6)
|
Free cash
flow
|
|
$
111.7
|
|
$
(157.0)
|
|
|
|
|
|
Core Operating Earnings
2
|
|
|
|
|
Net income (loss)
attributable to Lear
|
|
$
92.3
|
|
$
(26.5)
|
Interest
expense
|
|
24.8
|
|
22.6
|
Other expense,
net
|
|
18.1
|
|
11.1
|
Income
taxes
|
|
41.7
|
|
20.9
|
Equity in net (income)
loss of affiliates
|
|
(6.0)
|
|
1.7
|
Net income
attributable to noncontrolling interests
|
|
26.9
|
|
17.8
|
Restructuring costs and
other special items -
|
|
|
|
|
Costs related to
restructuring actions
|
|
18.6
|
|
48.5
|
Acquisition
costs
|
|
0.3
|
|
—
|
Impairments related to
Russian operations
|
|
19.9
|
|
—
|
Insurance recoveries
related to typhoon in the Philippines, net of costs
|
|
(0.6)
|
|
—
|
Other
|
|
(1.4)
|
|
2.1
|
Core operating
earnings
|
|
$
234.6
|
|
$
98.2
|
Lear Corporation and
Subsidiaries
Consolidated
Supplemental Data
(continued)
(Unaudited; in
millions, except content per vehicle and per share
amounts)
|
|
|
|
Three Months Ended
|
|
|
October 1,
2022
|
|
October 2,
2021
|
Adjusted Net Income (Loss) and Adjusted Earnings Per
Share 2
|
|
|
|
|
Net income (loss)
attributable to Lear
|
|
$
92.3
|
|
$
(26.5)
|
Restructuring costs and
other special items -
|
|
|
|
|
Costs related to
restructuring actions
|
|
18.6
|
|
48.5
|
Acquisition
costs
|
|
0.3
|
|
—
|
Other
acquisition-related costs
|
|
10.6
|
|
—
|
Impairments related to
Russian operations
|
|
19.9
|
|
—
|
Insurance recoveries
related to typhoon in the Philippines, net of costs
|
|
(0.6)
|
|
—
|
Foreign exchange
losses due to foreign exchange rate volatility related to
Russia
|
|
0.8
|
|
—
|
Favorable indirect tax
ruling in a foreign jurisdiction
|
|
—
|
|
1.0
|
Other
|
|
0.6
|
|
2.6
|
Tax impact of special
items and other net tax adjustments 3
|
|
(3.0)
|
|
6.4
|
Adjusted net
income
|
|
$
139.5
|
|
$
32.0
|
|
|
|
|
|
Weighted average number
of diluted shares outstanding
|
|
59.8
|
|
59.9
|
|
|
|
|
|
Diluted net income
(loss) per share attributable to Lear
|
|
$
1.54
|
|
$
(0.44)
|
|
|
|
|
|
Adjusted weighted
average number of diluted shares outstanding
|
|
59.8
|
|
60.2
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
2.33
|
|
$
0.53
|
|
|
|
|
|
Adjusted Depreciation and Amortization
2
|
|
|
|
|
Depreciation and
amortization
|
|
$
139.3
|
|
$
140.4
|
Less - Intangible asset
impairment
|
|
—
|
|
—
|
Adjusted depreciation
and amortization
|
|
$
139.3
|
|
$
140.4
|
Lear Corporation and
Subsidiaries
Consolidated
Supplemental Data
(continued)
(Unaudited; in
millions, except content per vehicle and per share
amounts)
|
|
|
|
Nine Months Ended
|
|
|
October 1,
2022
|
|
October 2,
2021
|
Net Sales
|
|
|
|
|
North
America
|
|
$
6,675.5
|
|
$
5,657.5
|
Europe and
Africa
|
|
5,124.7
|
|
5,137.4
|
Asia
|
|
3,089.0
|
|
3,044.7
|
South
America
|
|
631.4
|
|
543.7
|
Total
|
|
$ 15,520.6
|
|
$ 14,383.3
|
|
|
|
|
|
Content per Vehicle 1
|
|
|
|
|
North
America
|
|
$
619
|
|
$
577
|
Europe and
Africa
|
|
$
436
|
|
$
419
|
|
|
|
|
|
Free Cash Flow 2
|
|
|
|
|
Net cash provided by
operating activities
|
|
$
484.2
|
|
$
503.2
|
Capital
expenditures
|
|
(442.9)
|
|
(405.5)
|
Free cash
flow
|
|
$
41.3
|
|
$
97.7
|
|
|
|
|
|
Core Operating Earnings
2
|
|
|
|
|
Net income attributable
to Lear
|
|
$
210.2
|
|
$
352.4
|
Interest
expense
|
|
74.6
|
|
67.2
|
Other (income)
expense, net
|
|
59.8
|
|
(28.7)
|
Income
taxes
|
|
85.6
|
|
119.1
|
Equity in net income
of affiliates
|
|
(21.0)
|
|
(9.1)
|
Net income
attributable to noncontrolling interests
|
|
61.2
|
|
59.6
|
Restructuring costs and
other special items -
|
|
|
|
|
Costs related to
restructuring actions
|
|
93.5
|
|
87.7
|
Acquisition
costs
|
|
9.6
|
|
—
|
Acquisition-related
inventory fair value adjustment
|
|
1.1
|
|
—
|
Impairments related to
Russian operations
|
|
19.9
|
|
—
|
Intangible asset
impairment
|
|
8.9
|
|
8.5
|
Costs related to
typhoon in the Philippines, net of insurance recoveries
|
|
3.9
|
|
—
|
Other
|
|
(1.6)
|
|
10.9
|
Core operating
earnings
|
|
$
605.7
|
|
$
667.6
|
Lear Corporation and
Subsidiaries
Consolidated
Supplemental Data
(continued)
(Unaudited; in
millions, except content per vehicle and per share
amounts)
|
|
|
|
Nine Months Ended
|
|
|
October 1,
2022
|
|
October 2,
2021
|
Adjusted Net Income Attributable to Lear
2
|
|
|
|
|
Net income attributable
to Lear
|
|
$
210.2
|
|
$
352.4
|
Restructuring costs and
other special items -
|
|
|
|
|
Costs related to
restructuring actions
|
|
93.5
|
|
87.7
|
Acquisition
costs
|
|
9.6
|
|
—
|
Acquisition-related
inventory fair value adjustment
|
|
1.1
|
|
—
|
Other
acquisition-related costs
|
|
10.6
|
|
—
|
Impairments related to
Russian operations
|
|
19.9
|
|
—
|
Intangible asset
impairment
|
|
8.9
|
|
8.5
|
Costs related to
typhoon in the Philippines, net of insurance recoveries
|
|
3.9
|
|
—
|
Foreign exchange
losses due to foreign exchange rate volatility related to
Russia
|
|
14.5
|
|
—
|
Favorable indirect tax
ruling in a foreign jurisdiction
|
|
—
|
|
(46.0)
|
Loss related to
affiliate
|
|
—
|
|
1.0
|
Other
|
|
11.2
|
|
6.8
|
Tax impact of special
items and other net tax adjustments 3
|
|
(28.4)
|
|
(4.2)
|
Adjusted net income
attributable to Lear
|
|
$
355.0
|
|
$
406.2
|
|
|
|
|
|
Weighted average number
of diluted shares outstanding
|
|
60.0
|
|
60.5
|
|
|
|
|
|
Diluted net income per
share available to Lear common stockholders
|
|
$
3.50
|
|
$
5.83
|
|
|
|
|
|
Adjusted earnings per
share
|
|
$
5.91
|
|
$
6.72
|
|
|
|
|
|
Adjusted Depreciation and Amortization
2
|
|
|
|
|
Depreciation and
amortization
|
|
$
434.3
|
|
$
431.4
|
Less - Intangible asset
impairment
|
|
8.9
|
|
8.5
|
Adjusted depreciation
and amortization
|
|
$
425.4
|
|
$
422.9
|
|
|
|
|
|
Diluted Shares Outstanding at End of
Period 4
|
|
59,653,949
|
|
60,097,064
|
|
|
1
|
Content per Vehicle for
2021 has been updated to reflect actual production
levels.
|
2
|
See "Non-GAAP Financial
Information" included in this press release.
|
3
|
Represents the tax
effect of restructuring costs and other special items, as well as
several discrete tax items. The identification of these tax items
is judgmental in nature, and their calculation is based on various
assumptions and estimates.
|
4
|
Calculated using stock
price at end of quarter.
|
View original
content:https://www.prnewswire.com/news-releases/lear-reports-third-quarter-2022-results-301663963.html
SOURCE Lear Corporation