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Lear Corp (LEA) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 29, 2018

Lear Corp

CIK: 842162 Ticker: LEA

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

  

Lear Contacts:

Alicia Davis

(248) 447-1781

Joel Elsesser

(248) 447-5512

Lear Reports Third Quarter 2018 Results

SOUTHFIELD, Michigan, October 25, 2018 — Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical and electronic systems, today reported third quarter 2018 sales and earnings. Highlights include:

 

   

Sales of $4.9 billion, compared to $5.0 billion in third quarter 2017

 

   

Net income of $253 million and adjusted net income of $269 million, compared to $295 million and $272 million, respectively, in third quarter 2017

 

   

Core operating earnings of $399 million, down 2% from third quarter 2017

 

   

Core operating margin of 8.2%, flat from third quarter 2017

 

   

Earnings per share of $3.80 and adjusted earnings per share of $4.09, up 3% from third quarter 2017

 

   

Full year 2018 financial outlook updated to reflect current production and foreign exchange environment

“We again delivered strong sales and earnings results in the third quarter in the face of challenging macroeconomic conditions marked by significant volume declines, particularly in China and Europe, as well as foreign exchange volatility,” said Ray Scott, Lear’s president and chief executive officer. “We have continued to demonstrate our strong execution capabilities, and we remain excited about the opportunities that lie ahead. We will continue to focus on investing in profitable growth, further improving operational efficiencies and delivering superior value for our shareholders.”

(more)


The following information was filed by Lear Corp (LEA) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lear Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Accounting Pronouncements
Accounting Pronouncements (Tables)
Basis Of Presentation
Basis Of Presentation (Policies)
Comprehensive Income And Equity
Comprehensive Income And Equity (Tables)
Comprehensive Income And Equity - Common Stock Repurchase Program (Details)
Comprehensive Income And Equity - Dividends Declared And Paid (Details)
Comprehensive Income And Equity - Narrative (Details)
Comprehensive Income And Equity - Summary Of Changes, Net Of Tax, In Accumulated Other Comprehensive Loss (Details)
Comprehensive Income And Equity - Summary Of Comprehensive Income And Reconciliations Of Equity (Details)
Debt
Debt (Tables)
Debt - Credit Agreement (Details)
Debt - Interest Rates (Details)
Debt - Senior Notes (Details)
Debt - Summary Of Long-Term Debt (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Estimated Aggregate Fair Value And Carrying Value Of Debt Instruments (Details)
Financial Instruments - Fair Value Measurements And Related Valuation Techniques And Fair Value Hierarchy Level (Details)
Financial Instruments - Marketable Equity Securities (Details)
Financial Instruments - Narrative (Details)
Financial Instruments - Notional Amount, Estimated Aggregate Fair Value And Related Balance Sheet Classification Of Foreign Currency Derivative Contracts (Details)
Financial Instruments - Notional Amount, Estimated Aggregate Fair Value And Related Balance Sheet Classification Of Interest Rate Swap Contracts (Details)
Financial Instruments - Pretax Amounts Related To Foreign Currency Derivative Contracts (Details)
Financial Instruments - Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Tax Benefits (Expense) (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Legal And Other Contingencies
Legal And Other Contingencies (Tables)
Legal And Other Contingencies - Narrative (Details)
Legal And Other Contingencies - Summary Of Product Liability And Warranty Claims (Details)
Long-Term Assets
Long-Term Assets (Tables)
Long-Term Assets - Investment In Affiliates Narrative (Details)
Long-Term Assets - Preliminary Summary Of The Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Long-Term Assets - Property, Plant And Equipment (Details)
Long-Term Assets - Property, Plant And Equipment Narrative (Details)
Net Income Per Share Attributable To Lear
Net Income Per Share Attributable To Lear (Details)
Net Income Per Share Attributable To Lear (Tables)
Other (Income) Expense, Net
Other (Income) Expense, Net (Tables)
Other (Income) Expense, Net - Narrative (Details)
Other (Income) Expense, Net - Summary Of Other (Income) Expense, Net (Details)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (Tables)
Pension And Other Postretirement Benefit Plans - Components Of Net Periodic Benefit (Credit) Costs (Details)
Pension And Other Postretirement Benefit Plans - Narrative (Details)
Pre-Production Costs Related To Long-Term Supply Agreements
Pre-Production Costs Related To Long-Term Supply Agreements (Tables)
Pre-Production Costs Related To Long-Term Supply Agreements - Classification Of Recoverable Customer E&Amp;D And Tooling Costs Related To Long-Term Supply Agreements (Details)
Pre-Production Costs Related To Long-Term Supply Agreements - Narrative (Details)
Restructuring
Restructuring (Tables)
Restructuring - Narrative (Details)
Restructuring - Summary Of Restructuring Activities (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Narrative (Details)
Revenue Recognition - Summary Of Revenue By Reportable Operating Segment And Geography (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Reconciliation Of Segment Earnings To Consolidated Income Before Provision For Income Taxes And Equity (Details)
Segment Reporting - Summary Of Revenues From External Customers And Other Financial Information By Reportable Operating Segment (Details)
Ticker: LEA
CIK: 842162
Form Type: 10-Q Quarterly Report
Accession Number: 0000842162-18-000036
Submitted to the SEC: Thu Oct 25 2018 9:21:30 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Saturday, September 29, 2018
Industry: Motor Vehicle Parts And Accessories

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