Every material Form 8-K Lear filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Lear reported third quarter 2024 sales of $5.6 billion, down 3% from a year earlier, while adjusted earnings per share rose 1% to $2.89, helped by share repurchases. Core operating earnings fell to $257 million from $267 million, and free cash flow dropped to $51 million from $251 million. The company also updated its full year 2024 outlook, which now projects net sales of $22,950 million to $23,150 million.
Q3 2024 sales were $5.6 billion versus $5.8 billion in Q3 2023; net income attributable to Lear was $135.8 million, up 2%.
Adjusted EPS was $2.89 versus $2.87; reported EPS was $2.41 versus $2.25, primarily reflecting share repurchases.
Core operating earnings were $257 million versus $267 million; free cash flow was $51 million versus $251 million.
Full year 2024 outlook: net sales $22,950 million to $23,150 million; core operating earnings $1,040 million to $1,090 million; free cash flow $535 million to $585 million.
Lear Corporation elected Rod Lache, a former Wolfe Research and Deutsche Bank automotive analyst, to its Board of Directors effective August 12, 2024, for a term ending at the 2025 annual meeting. The filing reports no arrangements with other persons tied to his election and no related transactions requiring disclosure, and it increases the Board to 11 directors. Board additions are routine governance changes, though the filing does not describe Lache's compensation beyond the company's standard non-employee director plan.
Rod Lache elected to the Board effective August 12, 2024; term ends at the 2025 annual meeting
Lache retired from Wolfe Research in July 2024 after serving as a Managing Director and Senior Analyst covering automotive
Lache will receive the standard non-employee director compensation under the Outside Directors Compensation Plan
Lear reported second-quarter 2024 sales of $6.0 billion, a modest increase from $5.999 billion a year earlier, and net income attributable to Lear of $173 million, up from $169 million. Diluted EPS was $3.02 versus $2.84, and adjusted EPS rose 8% to $3.60, which the company attributes mainly to its share repurchase program. The company also updated its full-year 2024 outlook, now showing core operating earnings of $1,030 million to $1,200 million, though the filing does not state the prior outlook for comparison.
Q2 2024 sales of $6.0 billion versus $5.999 billion in Q2 2023; core operating earnings flat at $302 million
Diluted EPS of $3.02 versus $2.84; adjusted EPS of $3.60 versus $3.33, up 8%
Full-year 2024 outlook: net sales $23,230 million to $23,670 million; core operating earnings $1,030 million to $1,200 million; free cash flow $485 million to $635 million
Repurchased $60 million of shares in Q2 2024; remaining authorization about $1.4 billion
Lear Corporation said Carl A. Esposito became Senior Vice President, IDEA by Lear, effective May 16, 2024, and Nicholas J. Roelli became Senior Vice President and President, E-Systems, succeeding Esposito. The filing also reports the results of the May 16, 2024 annual meeting, where shareholders elected 10 directors and voted on an advisory basis on executive compensation. The company describes IDEA by Lear as the next phase of its strategy to drive growth and improve profitability, but the filing does not disclose new financial results.
Carl A. Esposito, previously Senior Vice President and President, E-Systems, named Senior Vice President, IDEA by Lear, effective May 16, 2024
Nicholas J. Roelli, previously Vice President of Seating, North America, named Senior Vice President and President, E-Systems; annual base salary of $650,000
Roelli's agreement provides severance of a lump sum equal to two times annualized base salary plus target bonus, plus two years of welfare benefits, on termination without Cause or for Good Reason
Advisory vote on executive compensation at the May 16, 2024 annual meeting: 46,865,658 shares for and 5,072,563 against
Lear reported first quarter 2024 sales of $6.0 billion, up 3% from a year earlier, but reported net income attributable to Lear fell to $110 million from $144 million and diluted EPS fell to $1.90 from $2.41. Adjusted EPS rose 14% to $3.18, while the company confirmed its full-year 2024 outlook without change, which matters to shareholders because reported profit declined and $74 million in restructuring and other special items weighed on results.
Sales of $5,994.6 million vs $5,845.5 million a year earlier; core operating earnings rose 6% to $280 million
Net income $110 million vs $144 million; diluted EPS $1.90 vs $2.41; adjusted EPS $3.18 vs $2.78
Restructuring and other special items totaled $74 million, mainly European plant closures and Fisker impairments
Full-year 2024 outlook confirmed unchanged, including net sales of $24,000 million to $24,600 million
Lear reported fourth-quarter and full-year 2023 results on February 6, 2024, with sales and earnings higher than in 2022. The company also gave 2024 guidance of $24.0 billion to $24.6 billion in net sales and $1,155 million to $1,305 million in core operating earnings. Shareholders get a year-over-year profit increase plus a forward outlook, with the company also reporting $313 million in full-year share repurchases.
Q4 2023 sales were $5.8 billion, up 9% from $5.4 billion; diluted EPS was $2.18 vs $1.97 a year earlier
Full-year 2023 sales were $23.5 billion, up 12%; diluted EPS was $9.68 vs $5.47 and adjusted EPS was $12.02 vs $8.72
2024 outlook: net sales of $24.0 billion to $24.6 billion; core operating earnings of $1,155 million to $1,305 million
Full-year 2023 free cash flow was $638 million and the company repurchased $313 million of its shares
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Lear filing is on SEC EDGAR ↗. 8-K briefs of other companies →