Record New Business Wins in E-Systems
Lear's E-Systems segment secured new business totaling over $750 million in annual sales, the highest in any quarter in more than a decade. This includes key awards with Ford and BMW.
Strong Performance in Challenging Conditions
Lear delivered $5.6 billion in revenue with improved operating margins of 4.9%, despite a challenging production environment. Adjusted earnings per share were $3.12.
Operational Efficiency Improvements
Operational improvements and restructuring resulted in $11 million and $12 million savings respectively in Q1. Global hourly headcount was reduced by 3,600, contributing to margin improvements.
Positive Seating Segment Developments
Lear won two new ComfortFlex programs and a Global Seat program with key Chinese automakers, contributing to global leadership in the Seating segment.
Innovation Recognition and Awards
Lear's zone control module won a PACE Award from Automotive News, highlighting their innovation in scalable and flexible wire harness designs.