LEAR CORP Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>LEAR CORP filed its Q1 2024 10-Q report, detailing financial performance and position as of March 30, 2024.</b>

AI Summary

LEAR CORP (LEA) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. LEAR CORP filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. LEAR CORP is incorporated in Delaware. The company's primary SIC code is 3714 for Motor Vehicle Parts & Accessories.

Why It Matters

For investors and stakeholders tracking LEAR CORP, this filing contains several important signals. This 10-Q provides investors with an updated view of LEAR CORP's financial health and operational performance during the first quarter of 2024. Understanding the details within this filing is crucial for assessing the company's current standing and future prospects in the automotive parts sector.

Risk Assessment

Risk Level: low — LEAR CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand LEAR CORP's performance trends and outlook.

Key Numbers

• 2024-03-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-30 — Filing Date (FILED AS OF DATE)
• 3714 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 1231 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• LEAR CORP (company) — FILER
• 20240330 (date) — CONFORMED PERIOD OF REPORT
• 20240430 (date) — FILED AS OF DATE
• 3714 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (state) — STATE OF INCORPORATION
• 1231 (date) — FISCAL YEAR END
• 2484471500 (phone) — BUSINESS PHONE
• 2024-03-30 (date) — Reporting Period End Date

FAQ

Industry Context

LEAR CORP operates in the automotive parts and accessories industry, supplying seating and e-systems to global automotive manufacturers.

Regulatory Implications

The filing is a standard Form 10-Q, which is a mandatory quarterly report filed by public companies with the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 30, 2024.
2. Review any disclosures regarding significant events or changes in business operations.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 LEA New York Stock Exchange Indicate

Filing Documents

• lear-20240330.htm (10-Q) — 1371KB
• lear-2024mar30_ex311.htm (EX-31.1) — 10KB
• lear-2024mar30_ex312.htm (EX-31.2) — 10KB
• lear-2024mar30_ex321.htm (EX-32.1) — 6KB
• lear-2024may2_ex322.htm (EX-32.2) — 6KB
• lear-20240330_g1.jpg (GRAPHIC) — 8KB
• 0000842162-24-000032.txt (&nbsp;) — 8623KB
• lear-20240330.xsd (EX-101.SCH) — 58KB
• lear-20240330_cal.xml (EX-101.CAL) — 93KB
• lear-20240330_def.xml (EX-101.DEF) — 266KB
• lear-20240330_lab.xml (EX-101.LAB) — 683KB
• lear-20240330_pre.xml (EX-101.PRE) — 514KB
• lear-20240330_htm.xml (XML) — 1430KB

– Financial Information

Part I – Financial Information I tem 1 - Conden sed Consoli dated Financial Statements 3 Introduction to the Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets - March 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Three Months Ended March 30, 2024 and April 1, 2023 5 Condensed Consolidated Statements of Equity (Unaudited) - Three Months Ended March 30, 2024 and April 1, 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) - Three Months Ended March 30, 2024 and April 1 2023 10 Notes to the Condensed Consolidated Financial Statements (Unaudited) 11

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 32

– Quantitative and Qualitative Disclosures about Market Risk

Item 3 – Quantitative and Qualitative Disclosures about Market Risk 43

– Controls and Procedures

Item 4 – Controls and Procedures 44

– Other Information

Part II – Other Information

– Legal Proceedings

Item 1 – Legal Proceedings 45

– Risk Factors

Item 1A – Risk Factors 45

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 45

– Other Information

Item 5 – Other Information 45

– Exhibits

Item 6 – Exhibits 46

Signatures

Signatures 47 2 Table of Contents LEAR CORPORATION AND SUBSIDIARIES

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTRODUCTION TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS We have prepared the unaudited condensed consolidated financial statements of Lear Corporation and subsidiaries pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted pursuant to such rules and regulations. We believe that the disclosures are adequate to make the information presented not misleading when read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, for the year ended December 31, 2023. The financial information presented reflects all adjustments (consisting of normal recurring adjustments) which are, in our opinion, necessary for a fair presentation of the results of operations, cash flows and financial position for the interim periods presented. These results are not necessarily indicative of a full year's results of operations. 3 Table of Contents LEAR CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) March 30, 2024 (1) December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 930.4 $ 1,196.3 Accounts receivable 4,154.9 3,681.2 Inventories 1,735.4 1,758.0 Other 1,087.0 1,001.4 Total current assets 7,907.7 7,636.9 LONG-TERM ASSETS: Property, plant and equipment, net 2,910.4 2,977.4 Goodwill 1,719.9 1,737.9 Other 2,334.0 2,343.3 Total long-term assets 6,964.3 7,058.6 Total assets $ 14,872.0 $ 14,695.5 LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term borrowings $ 27.0 $ 27.5 Accounts payable and drafts 3,688.7 3,434.2 Accrued liabilities 2,227.0 2,205.2 Current portion of long-term debt 0.3 0

View Full Filing

View this 10-Q filing on SEC EDGAR