Lear Corporation reported third quarter 2024 net sales of $5.6 billion, a 3% decrease year-over-year, despite global vehicle production being down 5%. The company's revenue outperformed the industry by 3 percentage points globally, with outgrowth in both Seating and E-Systems segments.
Net income for the quarter was $135.8 million, an increase of 2% compared to 2023, while core operating earnings stood at $257 million, or 4.6% of sales. Adjusted earnings per share increased to $2.89, up from $2.87 a year ago, primarily benefiting from the company's share repurchase program.
During the third quarter, Lear repurchased 1,875,382 shares of common stock for $209 million, with approximately $1.2 billion remaining under authorization. The company updated its full-year 2024 financial outlook, projecting net sales between $22,950 million and $23,150 million, and core operating earnings between $1,040 million and $1,090 million.
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