Thu, Jul 25, 1:13 PM (44 days ago)
Lear Corporation's Q2 2024 financial performance showed steady revenue but slight declines in profitability. Net sales were $6.0 billion, consistent with Q2 2023. New business contributed $246 million, offsetting a $236 million decline due to lower production volumes. Gross profit slightly decreased to $449 million from $457 million, with gross margin stable at 7.5%. Selling, general, and administrative expenses were reduced to $175 million from $183 million. Net income attributable to Lear increased marginally to $173 million, or $3.02 per diluted share, from $169 million, or $2.84 per diluted share. Restructuring costs and operational inefficiencies impacted profitability. The company maintained strong liquidity with $950 million in cash and $2.0 billion in available credit. Future restructuring costs of $57 million are anticipated. The Board approved share repurchases and quarterly dividends, reflecting confidence in long-term financial stability.