Lear reports Q4 adjusted EPS $3.03, consensus $3.12

Reports Q4 revenue $5.84B, consensus $5.74B. “Lear delivered record sales and strong earnings growth in 2023, reflecting the execution of our strategy and a recovering industry,” said Ray Scott, Lear’s President and Chief Executive Officer. “During 2023, we completed the IGB acquisition, which added new product technology and scale to our growing thermal comfort systems business. I am incredibly excited by the strong customer response to our thermal comfort systems strategy, which we believe will result in increased market share and higher margins in Seating. Positive momentum in E-Systems continued as we achieved our sixth consecutive quarter of year-over-year margin improvement, driven by new business and performance improvements. As we enter 2024, we are expecting another year of increased revenue, earnings and cash flow.”