Seating supplier Lear Corporation said fourth quarter sales increased 9% to US$5.8bn, compared to $5.4bn in Q4 2022.

Net income of $127m and adjusted net income of $177million compared to $118m and $168m, respectively.

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Operating earnings increased 9% to $288m from $265m.

Earnings per share of $2.18 and adjusted earnings per share of $3.03 compared to $1.97 and $2.81.

Full year 2023 sales increased 12% to a record $23.5bn from $20.9bn.

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Net income of $573m and adjusted net income of $710m compared to $328m and $523m in full year 2022.

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Operating profit increased 29% to $1,120m from $871m while earnings per share of $9.68 and adjusted earnings per share of $12.02 compared to $5.47 and $8.72.

“Adjusted earnings per share increased 38%, reflecting higher earnings and the benefit of our share repurchase programme,” the supplier said.

“Lear delivered record sales and strong earnings growth in 2023, reflecting the execution of our strategy and a recovering industry,” said president and CEO Ray Scott.

“As we enter 2024, we are expecting another year of increased revenue, earnings and cash flow.”