Lear Positioned for Continued Profitable Growth
Lear Positioned for Continued Profitable Growth - Sales projected to reach $30+ billion by 2023 with average growth of ≈7% per year |
[27-June-2018] |
SOUTHFIELD, Mich., June 27, 2018 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical systems, today is hosting an Investor Day at its Global Product and Technology Center in Southfield, Michigan. The Lear team will outline plans to leverage its unique product capabilities to profitably grow sales in both business segments. The Company will also review its convergence opportunity to leverage its E-Systems electronics and software capabilities to offer industry leading seating innovations.
Ray Scott, Lear's President and CEO, commented, "Lear is in the strongest competitive position in its 100-year history, at a time when industry trends, such as electrification, connectivity and mobility, are driving tremendous growth opportunities." Scott added, "This is truly an exciting time in the automotive industry, and Lear is positioned to accelerate our growth, improve our earnings and continue to deliver superior shareholder returns." During the meeting, the Company will outline growth opportunities that would increase total sales from $22 billion this year to over $30 billion in 2023 while increasing core operating margins. Lear's product segment presidents, Frank Orsini for Seating and Jeneanne Hanley for E-Systems, will provide detailed reviews of their unique product and process capabilities that will drive future growth. In addition, Lear will formally introduce its new Chief Technology Officer, John Absmeier, to the investment community. All of the presentations from the Investor Day are now posted on Lear's website at lear.com. Forward-Looking Statements Information in this press release relies on assumptions in the Company's sales backlog. The Company's sales backlog reflects anticipated net sales from formally awarded new programs less lost and discontinued programs. The calculation of the sales backlog does not reflect customer price reductions on existing or newly awarded programs. The sales backlog may be impacted by various assumptions embedded in the calculation, including vehicle production levels on new programs, foreign exchange rates and the timing of major program launches. The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof. Non-GAAP Financial Information Management believes the non-GAAP financial measure used in this press release is useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that core operating earnings is a useful measure in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that this measure is useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods. Further, management uses this non-GAAP financial measure for planning and forecasting future periods. Core operating earnings should not be considered in isolation or as a substitute for net income attributable to Lear or other income statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of forward-looking financial measures provided on a non-GAAP basis to the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP") is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. About Lear View original content with multimedia:http://www.prnewswire.com/news-releases/lear-positioned-for-continued-profitable-growth-300673193.html SOURCE Lear Corporation | ||
Company Codes: NYSE:LEA |
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