Lear Corporation (NYSE:LEA) Q2 2023 Earnings Conference Call July 31, 2023 8:30 AM ET

Company Participants

Ed Lowenfeld - Vice President of Investor Relations

Raymond Scott - President & Chief Executive Officer

Jason Cardew - Senior Vice President & Chief Financial Officer

Conference Call Participants

James Picariello - BNP Paribas

Emmanuel Rosner - Deutsche Bank

Dan Levy - Barclays

Colin Langan - Wells Fargo

Itay Michaeli - Citi

Operator

Good morning and welcome to the Lear Corporation Second Quarter 2023 Earnings Conference. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Ed Lowenfeld, Vice President of Investor Relations. Please go ahead, sir.

Ed Lowenfeld

Thanks, Jeff. Good morning, everyone and thank you for joining us for Lear's second quarter 2023 earnings call. Presenting today are Ray Scott, Lear President and CEO; and Jason Cardew, Senior Vice President and CFO. Other members of Lear's senior management team have also joined us on the call. Following prepared remarks, we will open the call for Q&A. You can find a copy of the presentation that accompanies these remarks at ir.lear.com.

Before we begin, I'd like to take this opportunity to remind you that as we conduct this call, we will be making forward-looking statements to assist you in understanding Lear's expectations for the future. As detailed in our safe harbor statement on Slide 2, our actual results could differ materially from these forward-looking statements due to many factors discussed in our latest 10-Q and other periodic reports. I also want to remind you that during today's presentation, we will refer to non-GAAP financial measures. You are directed to the slides in the appendix of our presentation for the reconciliation of non-GAAP items to the most directly comparable GAAP measures.

The agenda for today's call is on Slide 3. First, Ray will review highlights from the quarter and provide a business update. Jason will then review our second quarter financial results. Finally, Ray will offer some concluding remarks. Following the formal presentation, we would be happy to take your questions.

Now, I'd like to invite Ray to begin.

Raymond Scott

Thanks, Ed. Now please turn to Slide 5 which highlights key financial metrics for the second quarter. Lear's positive momentum accelerated in the quarter. $6 billion of total company revenue was a quarterly record, an 18% increase compared to last year. Core operating earnings were the highest in over 2 years, increasing by 61% from last year. Adjusted earnings per share increased 86% and operating cash flow improved significantly to $311 million for the quarter.