Lear Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2017
January 26, 2017 at 05:30 pm IST
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Lear Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company announced net sales of $4,643.5 million compared to $4,724.6 million for the same period a year ago. Consolidated income before income taxes and equity in net income of affiliates was $308.1 million compared to $309.4 million for the same period a year ago. Consolidated net income was $248.5 million compared to $252.9 million for the same period a year ago. Net income attributable to the company was $229.9 million compared to $235.3 million for the same period a year ago. Diluted net income per share attributable to the company was $3.24 compared to $3.07 for the same period a year ago. Net cash provided by operating activities was $525.4 million compared to $585.1 million for the same period a year ago. Capital expenditures were $228.0 million compared to $158.1 million for the same period a year ago. Free cash flow was $297.4 million compared to $427.0 million for the same period a year ago. Core operating earnings were $385.6 million compared to $358.9 million for the same period a year ago. Adjusted net income attributable to the company was $270.1 million compared to $245.2 million for the same period a year ago. Adjusted earnings per share were $3.80 compared to $3.20 for the same period a year ago.
For the full year, the company announced net sales of $18,557.6 million compared to $18,211.4 million for the same period a year ago. Consolidated income before income taxes and equity in net income of affiliates was $1,338.3 million compared to $1,031.5 million for the same period a year ago. Consolidated net income was $1,040.5 million compared to $795.8 million for the same period a year ago. Net income attributable to the company was $975.1 million compared to $745.5 million for the same period a year ago. Diluted net income per share attributable to the company was $13.33 compared to $9.59 for the same period a year ago. Net cash provided by operating activities was $1,619.3 million compared to $1,271.1 million for the same period a year ago. Capital expenditures were $528.3 million compared to $485.8 million for the same period a year ago. Free cash flow was $1,091.0 million compared to $831.0 million for the same period a year ago. Core operating earnings were $1,534.8 million compared to $1,310.2 million for the same period a year ago. Adjusted net income attributable to the company was $1,026.3 million compared to $843.9 million for the same period a year ago. Adjusted earnings per share were $14.03 compared to $10.85 for the same period a year ago.
The company provided earnings guidance for the full year of fiscal 2017. Sales in 2017 are expected to be approximately $19.5 billion, and core operating earnings are expected to be about $1.6 billion. Net cash provided by operating activities is estimated to be $1.6 billion, and capital spending is expected to be $550 million, resulting in free cash flow in excess of $1.0 billion. The company's effective tax rate is expected to be approximately 26%. Adjusted net income is expected to be approximately $1.1 billion. Depreciation and amortization expense is estimated to be $385 million.
Lear Corporation is a global automotive technology company. The Company supplies complete seat systems, key seat components, complete electrical distribution and connection systems, high-voltage power distribution products, including battery disconnect units (BDUs), low-voltage power distribution products, electronic controllers and other electronic products to automotive manufacturers. The Companyâs segments include Seating and E-Systems. Its Seating segment consists of the design, development, engineering and manufacture of complete seat systems and key seat components. Its E-Systems segment consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems, high-voltage power distribution products, including BDUs, and low-voltage power distribution products, electronic controllers and other electronic products. Its software offerings include embedded control, cybersecurity software and software to control hardware devices.
Lear Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year of Fiscal 2017