Lear Corp. (LEA) Tops Q4 EPS by 19c, Revenues Beat; Offers FY21 Revenue Guidance

February 4, 2021 6:13 AM EST

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Lear Corp. (NYSE: LEA) reported Q4 EPS of $3.66, $0.19 better than the analyst estimate of $3.47. Revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.01 billion.

Fourth Quarter 2020

  • Sales of $5.2 billion, compared to $4.8 billion in the fourth quarter of 2019
  • Continued to grow sales faster than the market in both segments; E-Systems growth over market of 11 percentage points and Seating growth over market of 7 percentage points
  • Net income of $202 million and adjusted net income of $221 million, compared to net income of $126 million and adjusted net income of $161 million in the prior year
  • Core operating earnings of $330 million, compared to $241 million in the fourth quarter of 2019
  • Earnings per share of $3.33 and adjusted earnings per share of $3.66, compared to $2.50 and $2.64, respectively, in the fourth quarter of 2019
  • Reinstituted and paid quarterly cash dividend of $0.25 per share

"Lear delivered strong financial performance in the fourth quarter of 2020," said Ray Scott, Lear's President and Chief Executive Officer. "The team achieved these strong results and continued to execute Lear's key strategic growth initiatives while navigating the unique challenges presented by the COVID-19 pandemic. It is an exciting time in the automotive industry, as the transition to electric vehicles is accelerating and global vehicle production volumes are growing. Lear is very well positioned to benefit from these trends, which, coupled with our disciplined approach to investing in the business, reinforces our confidence in Lear's ability to deliver superior shareholder returns over the long term."


Lear Corp. sees FY2021 revenue of $19.8-20.8 billion, versus the consensus of $20.22 billion.

  • Full year 2021 financial outlook, which reflects some production uncertainty related to near-term industry supply constraints.
  • The industry volume assumptions underlying Lear's 2021 financial outlook are derived from several sources, including internal estimates, customer production schedules, and the most recent IHS production estimates for Lear's vehicle platforms.
  • The financial outlook is based on a full year average exchange rate of $1.18/Euro and 6.65 RMB/$.

For earnings history and earnings-related data on Lear Corp. (LEA) click here.

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