Q3 2024 Lear Corp Earnings Call Transcript
Key Points
- Lear Corp (LEA) reported $5.6 billion in revenue for Q3 2024, outperforming the market by 3 percentage points.
- The company achieved a 1% increase in adjusted earnings per share, driven by its share repurchase program.
- Lear Corp (LEA) secured significant new business awards in China, particularly with domestic automakers like BYD and Xiaomi.
- The launch of the ComfortFlex module with Volvo has been successful, reducing thermal comfort part numbers by 50% and improving customer experience.
- Lear Corp (LEA) continues to lead in the JD Power US seat quality and satisfaction study, winning more awards than any other seat supplier.
- Global vehicle production decreased by 5% in Q3 2024, impacting Lear Corp (LEA)'s sales.
- The company revised its full-year revenue outlook downward due to lower vehicle production volumes.
- Lear Corp (LEA) faces challenges with delayed sourcing activity and slower new business sourcing, particularly in North America and Europe.
- The backlog for 2024 was reduced from $1.2 billion to $885 million due to lower volumes and delayed launches.
- Lear Corp (LEA) anticipates a significant reduction in its 2025 backlog, driven by lower volumes on key platforms.
Good morning, everyone and welcome to the Lear Corporation third quarter, 2024 earnings conference call. All participants will be in a listen-only mode. (Operator Instructions)
After today's presentation, there will be an opportunity to ask questions. 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. Please go ahead.
Thanks, Jamie. Good morning everyone and thank you for joining us for Lear's third quarter, 2024 earnings call. Presenting today are Ray Scott, Lear's President and CEO and Jason Cardew, Senior Vice President and CFO. 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&A. You can find a copy of the presentation that accompanies these remarks at ir.lear.com.
Before Ray begins, I'd like to take this opportunity to remind you that as we conduct this call, we will be making forward-looking
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
