Lear Corporation reported fourth quarter 2024 net sales of $5.7 billion, a 2% decrease year-over-year, with core operating earnings at $257.7 million, or 4.5% of sales. Adjusted earnings per share for the quarter was $2.94, compared to $3.03 in the prior year.
For the full year 2024, net sales were $23.3 billion, a 1% decrease from 2023, while adjusted earnings per share increased 5% to $12.62. The company generated $1,120 million in net cash from operating activities and $561 million in free cash flow for the full year.
Lear provided its full-year 2025 financial outlook, projecting net sales between $21,875 million and $22,875 million, and core operating earnings between $915 million and $1,175 million. The outlook assumes global industry production will be 2% lower than in 2024 on a Lear sales-weighted basis.
The company's 2025-2026 core sales backlog is $1.3 billion, but it has been impacted by launch delays and lower than expected volumes on certain electric vehicle programs. Lear also noted a reduction in its 2025 backlog due to lower production assumptions for various vehicles and launch delays, partially offset by an increase in its 2026 backlog.
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