Lear Corp. (NYSE: LEA) reported Q1 EPS of $2.05, $0.30 better than the analyst estimate of $1.75. Revenue for the quarter came in at $4.5 billion versus the consensus estimate of $4.29 billion.

First Quarter 2020 Highlights

• Sales of $4.5 billion, compared to $5.2 billion in the first quarter of 2019
• Net income of $76 million and adjusted net income of $124 million, compared to $229 million and $253 million, respectively, in the prior year
• Core operating earnings of $205 million, compared to $378 million in the first quarter of 2019
• Estimated negative impact of COVID-19 on Lear's sales and core operating earnings in the first quarter of 2020 was approximately $900 million and $200 million, respectively
• Earnings per share of $1.26 and adjusted earnings per share of $2.05, compared to $3.73 and $4.00, respectively, in the first quarter of 2019
• Net cash provided by operating activities of $222 million and free cash flow of $113 million, compared to $52 million and $(71) million, respectively, in the first quarter of 2019
• Cash and cash equivalents at quarter end of $2.45 billion and total available liquidity of $3.2 billion; cash balance reflects $1 billion draw on revolving credit facility
• Refinanced $650 million aggregate principal amount of 2025 senior notes through the issuance of new senior notes due in 2030 and additional senior notes due in 2049
• Extended maturity of $1.75 billion revolving credit facility to August 2024
• Adjusted capacity at certain plants to produce personal protective equipment for donations to hospitals and first responders, as well as for internal use

"The COVID-19 pandemic has taken a tremendous toll on people around the globe, and Lear's deepest sympathies go out to all those who have been impacted by this crisis. I am proud that Lear has been at the forefront in supporting pandemic relief efforts through the manufacture and donation of masks and other personal protective equipment to hospital staff and first responders. We will continue to lend our support to communities in need as this humanitarian crisis unfolds.

"Our first quarter financial results were significantly impacted by production disruptions stemming from the COVID-19 pandemic. We experienced plant shutdowns in China beginning in late January that were followed by shutdowns of almost all our global operations outside of China beginning in mid- to late-March. Excluding the impact of COVID-19, Lear's results reflect solid financial performance in both of our business segments. While significant near-term challenges remain, I am confident in the strength of our underlying business, long-term competitive position and liquidity," said Ray Scott, Lear's President and CEO.

2020 Financial Outlook

On March 26, 2020, the Company withdrew its previously issued full year 2020 guidance. At this time, Lear is not providing 2020 guidance due to the significant level of business uncertainty caused by the COVID-19 pandemic.

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