Lear Corp

LEA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lear Earnings: Chip Crunch Alleviates, and Revenue and Margin Show Solid Improvement

Richard Hilgert

Aug 1, 2023

Narrow-moat-rated Lear reported second-quarter earnings per share before special items of $3.33, beating the $3.21 FactSet consensus by $0.12 and jumping $1.54 from $1.79 EPS reported a year ago as the chip crunch alleviates. Results were still affected by customer slowdowns from the chip shortage and other supply chain disruptions. Revenue increased 18% to $6.0 billion from $5.1 billion last year, 2% above consensus. Organic revenue rose 17%, 2 percentage points above a 15% increase in light-vehicle production adjusted to Lear’s customers. Revenue growth was supported by new business, product mix, customer volume, and cost recoveries.

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Lear Corp

Lear Earnings: Chip Crunch Alleviates, and Revenue and Margin Show Solid Improvement

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