Q2 2024 Lear Corp Earnings Call Transcript
Key Points
- Lear Corp (LEA) achieved a quarterly record revenue of over $6 billion in the second quarter.
- Adjusted earnings per share increased by 8% to $3.60, driven by higher adjusted net income and share repurchase program benefits.
- The company repurchased $60 million of shares and paid $44 million in dividends during the quarter.
- Lear Corp (LEA) continues to diversify its customer base, securing new contracts with major automotive brands like Volvo, Volkswagen, and Audi.
- The acquisition of W.E.T. Industrial Automation is expected to enhance Lear Corp (LEA)'s automation initiatives globally, leveraging robotics, AI, and vision systems.
- Global vehicle production decreased by 1% compared to the same period last year, impacting overall sales.
- Lower volumes on key Lear platforms negatively affected core operating earnings, which remained flat at $302 million.
- The company experienced a reduction in its full-year revenue outlook to $23.2 billion to $23.7 billion, down from previous estimates.
- Lear Corp (LEA) is facing challenges with lower production volumes on electric vehicle platforms, which contributed to a significant portion of the revenue reduction.
- The company anticipates continued restructuring costs, increasing the outlook for these expenses by $25 million to $150 million.
Good morning, everyone, and welcome to the Lear Corporation Second Quarter 2024 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please also note, today's event is being recorded.
At this time, I'd like to turn the floor over to Tim Brumbaugh, Vice President, Investor Relations. Sir, please go ahead.
Thanks, Jamie, and good morning, everyone, and thank you for joining us for Lear's Second Quarter 2024 earnings call. Presenting today are Ray Scott, Lear, President and CEO; and Jason Pardus, Senior Vice President and CFO and other members of Lear's senior management team have also joined us on the call. Following prepared remarks, we will open the call for Q and A., you can find a copy of the presentation that accompanies these remarks at ir dot lear.com.
Before Ray begins, I'd
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