Lear Corporation said fourth quarter 2022 global vehicle production increased 6% with North America up 8%, Europe up 5% and China down 5%.
Sales in the fourth quarter increased 10% year on year to US$5.4bn thanks to new business in both of business segments and increased production on key platforms.
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Sales growth over the market in the fourth quarter was 7%.
Operating earnings were $265m, or 4.9% of sales, compared to $158m/3.2% in Q4 2021. The increase was due to higher production, new business and “favourable operating performance” partially offset by the impact of foreign exchange.
In the seating segment, margins and adjusted margins were 6.4% and 6.8% of sales, respectively. In the E-Systems segment, margins and adjusted margins were 0.7% and 4.8% of sales.
Adjusted net income was $167.5m versus $73.6m and adjusted earnings per share were $2.81, up from $1.22 in 2021, primarily reflecting higher operating earnings.
For full year 2022, global vehicle production increased 7% with North America up 10%, Europe down 1% and China up 8%.
Sales rose 8% to $20.9bn or 5% over market thanks to new business.
Operating earnings were $871m, or 4.2% of sales, compared to $826m/4.3%.
Adjusted net income was $522.5m versus $479.8m and adjusted earnings per share were $8.72, up from $7.94 per share in 2021, reflecting higher operating earnings.
