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Lear Corporation (LEA-0.66%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in two segments: Seating and E-Systems. Lear's Seating segment involves the design and manufacture of complete seat systems and components, while the E-Systems segment focuses on electrical distribution and connection systems.
For 2024, Lear reported net sales of $23.3 billion, a slight decrease from $23.5 billion in 2023. The decline was primarily due to lower production volumes, partially offset by new business.
Cost of sales was $21.7 billion, resulting in a gross profit of $1.6 billion, or 7.0% of net sales. This compares to a gross profit of $1.7 billion, or 7.3% of net sales, in 2023.
Selling, general, and administrative expenses were $703 million, consistent with the previous year. Amortization of intangible assets decreased to $49 million from $63 million.
Lear recorded a net income attributable to the company of $507 million, or $8.97 per diluted share, compared to $573 million, or $9.68 per diluted share, in 2023.
The company incurred restructuring costs of $139 million in 2024, with additional related charges expected in the following year. These costs are part of ongoing efforts to optimize operations.
Lear's acquisition of I.G. Bauerhin in 2023 was part of its strategy to expand its thermal comfort systems portfolio. The acquisition was financed in part by a $150 million term loan.
The company's cash and cash equivalents stood at $1.1 billion as of December 31, 2024, with $2.0 billion available under its revolving credit facility.
Lear continues to focus on strategic initiatives, including extending market leadership in Seating, transforming its E-Systems business, and investing in automation and digital technologies.
The filing also discusses risks such as economic conditions, supply chain disruptions, and changes in trade policies, which could impact future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lear Corporation annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.