lear

List of News and Information about lear on 4WheelsNews.com

News and Information about lear

Read the latest news and information about lear published on 4WheelsNews.com! View comments and pictures about lear on 4WheelsNews.com!

You also might be interested: income, profit, magna, sales

Lear wants court to approve $8.75 million settlement over price-fixing suit

Lear Corp. will ask United States District Judge Marianne Battani in Detroit to approve an $8.75-million settlement to resolve accusations that it took part in a conspiracy to hike prices of wire harness components between 2000 and 2010 in a multi-district litigation lawsuit.

The civil cases are distinct from the ongoing global criminal probe into price fixing in the automotive supply chain. Antitrust authorities in North America, Europe and Asia are currently probing into the matter. In the US, federal anti-trust authorities so far have imposed around $2.29 billion in fines on auto suppliers, most of them from Japan.

The US Justice Department disclosed in April that 33 people have been charged while 26 companies have either pleaded guilty or agreed to plead guilty.

Read the entire article Lear wants court to approve $8.75 million settlement over price-fixing suit

Lear Corp. logs 11% drop in Q4 adjusted net income

Lear Corp. logged an 11-percent drop in adjusted net income in the fourth quarter of 2013 to $128.8 million, the supplier said in a statement. The year-earlier figure of $144.6 million does not include a $767 million onetime tax gain in the United States. Lear posted a 14-percent leap in revenues to $4.26 billion in the fourth quarter from $3.72 billion in the same period in 2012.

Analysts on average had expected Lear to have $4.05 billion in revenues, according to Thomson Reuters I/B/E/S. Lear’s adjusted earnings of $1.55 per share failed to meet analysts' expectations by 4 cents. However, a large share buy-back program that trimmed Lear's outstanding shares allowed the supplier to improve its quarterly earnings per share from $1.48 in the same quarter in 2012.

d2.googlesyndication.com/pagead/show_ads.js">

Read the entire article Lear Corp. logs 11% drop in Q4 adjusted net income

Lear raised its full-year forecast due to surge in demand

Because of rising vehicle sales in the U.S., Lear Corp raised its full-year forecast as there was a surge in demand for its auto seats and electric power systems. Lear posted an 11% climb in quarterly revenue. As a result, its shares widened by 2% in premarket trading. Amid the uncertainty in the economy, automakers are on pace to post some of their highest sales in 2014.

Lear raised its full-year sales forecast to $16.0 billion from $15.8 billion and brought up its target for core operating earnings to $835 million from $750 million to $800 million. Thomson Reuters I/B/E/S said that on average, analysts expected a full-year revenue of $15.89 billion. In Lear’s larger seating business, sales increased by 9% to $2.89 billion in the third quarter ended Sept. 28.

Meanwhile, its total revenue grew by 11% to $3.92 billion. The net income attributable to Lear decreased to $112.8 million in the quarter from $121.4 million the previous year. On the other hand, earnings increased to $1.38 per share from $1.23 as Lear bought back shares in the past 12 months. Lear reported that stock was up at $77.55 before the bell, after having posted a 62% gain this year to Thursday close, doing better than the S&P 500 index.

Read the entire article Lear raised its full-year forecast due to surge in demand

Lear’s first-quarter profit dropped 14 percent

Lear Corp.’s net income may have declined in the first quarter; however, its overall business improved, driven by gains in North America. In a statement, the auto interiors and electronics supplier said that profits were offset partly by bigger product development costs. The net income that could be attributed to shareholders fell to $134.1 million, or $1.32 per share, from $156.0 million, or $1.44 per share, the previous year.

Its revenue increased by 4% to $3.64 billion. The global industry production volumes in North America and Japan were affected by an increase in production after the calamity in Japan.

Lear’s output in Japan had nearly doubled. In April, U.S. auto sales grew 2.3% as U.S. shoppers wanted to replace their aging cars and trucks and the U.S. economy became stronger. Two of Lear’s biggest customers are BMW and Ford Motor Co. BMW has increased its sales in the U.S. by 14% while Ford had a 5% boost. Lear’s sales in North America grew by 15% to $1.39 billion.

Read the entire article Lear’s first-quarter profit dropped 14 percent

For an undisclosed figure, Lear Corp. had entered a deal to purchase specialty textile producer Guilford Mills from private equity firm Cerberus Capital Management. Lear said that Guilford, which produces fabrics for automotive and specialty markets, could reach sales of around $400 million each year. It’s likely that this transaction will be finalized in the second quarter of 2012.

In 2004, Guilford Mills was bought by Cerberus Capital Management, a New York-based private equity firm, for $107 million. In a statement, Matt Simoncini, Lear's president and CEO, said that acquiring Guilford is another step in Lear's strategy to reinforce its core businesses by raising its component capabilities.

This acquisition is expected to increase its global fabric design and development resources as well as give a boost to its technical expertise and add to its current seat trim capabilities in growing markets and fabric production in Asia. Headquartered in Wilmington, N.C., Guilford has been supplying fabrics to automakers and other industries for more than 40 years.

Read the entire article Lear enters deal to purchase textile producer Guilford Mills

Starting March 15, Jeffrey Vanneste will become senior vice president and CFO of Lear Corp. It was just five years ago that Vanneste had left to work for the supplier's former interiors unit. The latest position he held was as executive vice president and CFO of International Automotive Components Group. In 2007 Vanneste entered IAC in 2007 when the company, which was owned by investor Wilbur Ross, acquired the North American interiors division of Lear.

In late 2009, Lear emerged from a four-month bankruptcy but it kept a 23% stake in IAC. Vanneste had served as the vice president of finance for Lear's European operations before it joined IAC. Vanneste is the replacement for interim CFO Jason Cardew. Lear has yet to clarify if Cardew will stay with the company.

Dennis Richardville, the vice president of finance and global corporate controller, was named as the interim CFO of IAC. In a statement, the company said that a search is being conducted to replace Vanneste. Based in Southfield, Mich., Lear is the eighth largest supplier to North America, according to the Automotive News rankings. In 2010, Lear posted sales of $4.1 billion in original equipment parts in North America.

Read the entire article Jeffrey Vanneste is the new vice president and CFO of Lear

It’s likely that those who would make acquisitions this year are the manufacturers of car seats and dashboards, such as Magna International Inc. and Lear Corp. This is because automakers are looking for suppliers that have the scale to take on global projects.

As suppliers have over $5 billion in cash, they add assets that aid automakers in the development of interior features that are intended for emerging markets like Brazil and China.

PRTM, a global consulting firm based in Waltham, Mass., said that the companies that would be aggressive in acquiring include Magna, Lear and Johnson Controls Inc. When consumers check out competing vehicles, they look at interiors in the same way that house shoppers assess kitchens and bathrooms.

Read the entire article Magna, Lear seek suppliers with the scale to handle global projects

Lear Corp. said on Thursday it would split its stock two-for-one, begin a $400 million share buyback program and start paying a quarterly dividend -- steps that prove how it is progressing in shoring up its balance sheet after a 2009 bankruptcy. Lear, which supplies auto seating systems and electrical systems, said it will pay a quarterly dividend of 25 cents per share on a pre-split basis.

Lear, which came out of bankruptcy in November 2009, has benefited from a drop in costs and production capacity and a recovery in global auto production during the last 18 months.

Shares in Lear rose by 1% in early trading. Since May 2010, the stock has gained over 60%. Based on its shares outstanding before the split, the new quarterly dividend will cost Lear almost $53 million each year. The share buyback program runs until February 2014.

Read the entire article Lear Corporation to split its stock two-for-one

For the fourth quarter of 2010, Lear Corp.’s net income remained low as it didn’t have the restructuring credits it received for its bankruptcy last year. Lear, which supplies electronics and seating equipment, posted significant increases in fourth-quarter and year-end revenue.

It reported a net income of $117.1 million on revenue of $3.2 billion in the fourth quarter, compared with net income of $1.2 billion on revenue of $2.7 billion for the same period in 2009. The marked decrease in income is because of a $1.5 billion restructuring credit Lear used last year during its Chapter 11 bankruptcy.

Lear emerged from court protection in November 2009. For the entire year of 2010, Lear had a net income of $438.8 million on revenue of $12 billion, compared with $831.7 million on revenue of $9.7 billion in 2009.

Read the entire article Report: Lear’s fourth-quarter net income remained low

For the third quarter of 2010, Lear Corp. posted a higher quarterly profit, prompting it to improve its full-year outlook on the improving global automotive market. The automotive supplier posted an increase in its net income to $95.3 million, compared with $24.6 million in the same quarter the previous year. Revenue climbed to $2.8 billion from $2.5 billion.

Due to the improved production environment, Lear also raised its 2010 full-year outlook. Lear anticipates sales of about $11.7 billion and core operating earnings from $550 million to $600 million. In August, Lear had predicted sales of about $11 billion and earnings of $450 million to $500 million.

In a statement, Lear CEO Bob Rossiter said that the global industry demand continues to improve, but production levels in the mature markets are still considerably below historical levels.

Read the entire article Lear posted a higher quarterly profit and boosted its full-year outlook