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Web Address of Lear: Related Topics: Supplier Groups
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Companies : Lear Corporation
2004: Lear Reports Fourth Quarter and Full Year Results Southfield, Mich., January 26, 2005 — Lear Corporation [NYSE: LEA], one of the world’s largest automotive interior systems suppliers, today reported financial results for the fourth quarter and full year of 2004 and updated earnings guidance for 2005. 2004 Full Year Results For the full year 2004, Lear reported record sales of $17.0 billion and net income of $422.2 million, or $5.77 per share, including a $0.20 income tax benefit primarily related to the settlement of prior years’ tax matters. These results compare with full year 2003 net sales of $15.7 billion and net income of $380.5 million, or $5.31 per share. 2003 Full-Year Results For the full year, Lear posted record net sales of $15.75 billion and net income of $380.5 million, or $5.55 per share. For the full year of 2002, Lear reported net sales of $14.42 billion and income before the cumulative effect of a change in accounting for goodwill of $311.5 million, or $4.65 per share. Including the cumulative effect of the change in accounting for goodwill, Lear reported net income of $13.0 million, or $0.19 per share, for the full year of 2002. The 9% increase in net sales compared to 2002 reflects the benefit of currency exchange and the addition of new business globally, partially offset by lower industry production in North America and unfavorable platform mix in Western Europe. The $0.90, or 19%, improvement in net income per share compared to 2002, excluding the change in accounting for goodwill, reflects the impact of higher sales, operating efficiencies and lower income tax and interest expense, offset in part by costs related to plant consolidations. For 2003, free cash flow was $508.8 million. (Net cash provided by operating activities was $586.3 million. A reconciliation of free cash flow to net cash provided by operating activities is provided in the attached supplemental data page.) Earlier this month, Lear updated its five-year sales backlog to $4.4 billion, reflecting the addition of new business in the areas of cockpit and interior programs, seating systems with Korean automakers and electrical distribution and electronics systems. Higher content on replacement business and a stronger Euro also contributed to the increase of the backlog. Lear Corporation Posts Record Full-Year Results Southfield, Mich.,- Lear Corporation (NYSE: LEA), the world's fifth-largest automotive supplier, today reported financial performance for the full year 2000. For the period, Lear posted net sales of $14.1 billion, operating income of $835.4 million and net income of $274.7 million or $4.17 per share, all full year records for the company. Excluding non-recurring items, Lear had record full year net income of $276.6 million or $4.20 per share. (February 1, 2001) Lear Corporation Announces Plans to Open New Manufacturing Operation in Germany Sulzbach, Germany - Lear Corporation announced plans to establish a new manufacturing facility in Zwiesel, Germany, as part of the company's ongoing expansion in Europe. The new facility will produce injection-molded components for hard trim, doors and instrument panels for installation in vehicles built by General Motors Corp., DaimlerChrysler AG, Porsche AG and Volkswagen AG. Lear will employ approximately 170 people at the new operation when it begins official production next year. (September 8, 2000) Lear and Exide Join Forces to Integrate Advanced Electrical Power Into Vehicle Interior Systems Southfield, Mich., and Reading, Pa. - Lear Corporation and Exide Corporation announced that they have signed a letter of intent to enter into a strategic collaboration to co-develop and market advanced power packaging solutions for the automotive industry. The collaboration will focus on designing state-of-the-art interior systems to meet the increasing complexity and power requirements of conventional, hybrid and electrical vehicles. (August 30, 2000) Lear Corporation Reports Record Fourth Quarter and Full Year 1999 Results Lear Corporation reported record fourth quarter and full year sales, operating income and net income for fiscal 1999. Highlights for 1999 included:
Lear Corporation Appoints Cynthia Henderson Ford Division Vice President - Quality Lear Corporation announced the appointment of Cynthia Henderson as Vice President - Quality for the Ford Division. (Jan. 31, 2000) Lear Corporation Reports Record Third Quarter, Nine Month Results SOUTHFIELD, Mich. - November 2, 1999 - Lear Corporation reported record third quarter and nine month sales, operating income and net income for fiscal 1999. Highlights for the 1999 third quarter included: * Sales up 57% to $3.0 billion Lear Corporation Promotes Thomas L. Saeli, Leslie A. Touma to Vice President Southfield, Mich., September 1, 1999 - Lear Corporation today announced the appointments of Thomas L. Saeli as Vice President -- Mergers and Acquisitions and Leslie A. Touma as Vice President -- Corporate Relations. Lear Corporation Creates New Lear Electronics and Electrical Division, Appoints Division Management outhfield, Mich., August 24, 1999 - Lear Corporation today announced the formation of a new division, Lear Electronics and Electrical Division, and the appointment of seasoned professionals to the division's leadership team to support the continued growth of the business. Lear Corporation Signs Purchase Agreement to Acquire United Technologies Automotive SOUTHFIELD, Mich. (ots-PRNewswire), March 17 - Lear Corporation (NYSE: LEA) announced today that it has signed a definitive purchase agreement with United Technologies Corporation (NYSE: UTX) to acquire UT Automotive, Inc., a wholly owned subsidiary of Hartford, Connecticut-based United Technologies Corporation (UTC) for $ 2.3 billion.
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Lear Corporation, a Fortune 500 company headquartered in Southfield,
Mich., USA, focuses on integrating complete automotive interiors,
including seat systems, interior trim and electrical systems. With annual
net sales of $15.75 billion in 2003, Lear is the world's largest
automotive interior systems supplier. The Company’s world-class products
are designed, engineered and manufactured by more than 110,000 employees
at 280 facilities located in 33 countries.