SOUTHFIELD–Lear Corp. (NYSE: LEA), the Southfield-based manufacturer of automotive seating and electronics, increased its 2023 financial outlook and seating target margins Tuesday at its Seating Product Day.
Lear also shared details on its latest technologies and announced new business awards in Thermal Comfort Systems that will support market share gains and earnings growth in Seating.
Highlights include:
* Increased 2023 outlook for net sales, core operating earnings and free cash flow
* Increased its just-in-time seating market share target to 29% (from 28%) by 2027 and introduced an overall seating market share target of 32% by 2027
* Increased its seating target margin range to 8.5% to 9.0% (from 7.5% to 8.5%)
* Announced that Lear expects its seating adjusted earnings to increase by approximatley $700 million from 2023 to 2027
* Announced that its 2023 thermal comfort systems awards are more than 40% ahead of last year
* Announced that it is targeting the No. 1 or No. 2. market positions for key thermal comfort systems product categories by 2027
* Announced that Lear controls 259 patent assets on FlexAir and modularity
* Announced increased expected thermal comfort systems total addressable market industry outgrowth to 4 percentage points (from 2 percentage points) annually through 2027
* Increased its thermal comfort systems revenue target to $1 billion (from $800 million) by 2027
* Awarded the first FlexAir production contract on a crossover vehicle launching in 2024 with an Asian automaker
* Announced an exclusive automotive license for FlexAir technology
* Announced 16 development projects on 41 platforms for FlexAir and modularity
A replay of the Seating Product Day webcast can be accessed through the Investor Relations section of Lear’s website at ir.lear.com.
More about Lear overall at lear.com.