Lear Corp

LEA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lear Earnings: Revenue Growth Despite UAW Strike but Margin Improvement Dinged by Headwinds

Richard Hilgert

Oct 27, 2023

Narrow-moat-rated Lear reported third-quarter earnings per share before special items of $2.87, beating the $2.61 FactSet consensus by $0.26 and rising $0.54 from $2.33 EPS reported a year ago, despite the UAW strike. Results were also still affected by customer slowdowns from the chip shortage and other supply-chain disruptions. Revenue increased 10% to $5.8 billion from $5.2 billion last year, 3% above consensus. Organic revenue rose 7%, 1 percentage point less than an 8% increase in light vehicle production adjusted to Lear’s customers, mainly due to the GM truck plant labor stoppage. Revenue growth was supported by new business and cost recoveries.

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Lear Corp

Lear Earnings: Revenue Growth Despite UAW Strike but Margin Improvement Dinged by Headwinds

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