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Lear Posts Record Revenue, Income
Lear Corp.’s sales and adjusted net income in 2017 set record highs in the fourth quarter and full year.
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Lear Corp.’s sales and adjusted net income in 2017 set record highs in the fourth quarter and full year.
Revenue grew 16% to $5.4 billion in the fourth quarter and 10% to $20.5 billion for the year. Adjusted net income rose 11% to $300 million in October-December and 15% to $1.2 billion for the full year.
The company reports it also set records last year for core operating earnings, earnings per share, net cash and free cash flow. CEO Matt Simoncini, who plans to retire at the end of next month, describes the company as being in its strongest competitive position ever.
The company’s performance targets for 2018 include sales of $2.14 billion-$21.6 billion and operating earnings of nearly $1.8 billion.
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