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January 29, 2018

Lear unveils Q4 net income up 74% to US$401m

Lear has posted fourth quarter net income up 74% to US$401m and sales rising 16% to US$5.4bn.

Lear has posted fourth quarter net income up 74% to US$401m and sales rising 16% to US$5.4bn.

Full year 2017 net income was US$1.3bn, while sales rose 10% to reach US$20.5bn

"In 2017, we continued to deliver superior results, as the investments we have made in our business are paying off," said Lear president and CEO, Matt Simoncini. "We achieved record performance in all key financial metrics and we further strengthened our product capabilities in both business segments. Today, we are in the strongest overall competitive position in our history.

"Our total return to shareholders last year was 35%. Over the last five years, we have delivered a total return to our shareholders of approximately 300%, almost three times the return of the S&P 500. Our product capabilities and cost structure will allow Lear to continue to deliver profitable sales growth and value to our customers and shareholders."

Sales in the fourth quarter increased 16% to $5.4bn, while excluding the impact of foreign exchange, sales were up 11%. The increase reflects the addition of new business in both product segments and the acquisition of Grupo Antolin's seating business. Core operating earnings were up US$56m to US$441m, or 8.2% of sales, primarily reflecting the increase in sales.

In the Seating segment, margins and adjusted margins were 7.5% and 8.1% of sales, respectively. In the E-Systems segment, margins and adjusted margins were 13.2% and 14.3% of sales, respectively.

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