Lear Corporation (NYSE:LEA) Q1 2023 Results Conference Call April 27, 2023 8:30 AM ET

Company Participants

Ed Lowenfeld - VP of IR

Raymond Scott - President, CEO and Director

Jason Cardew - Senior VP and CFO

Conference Call Participants

John Murphy - Bank of America

Rod Lache - Wolfe Research

Dan Levy - Barclays

James Picariello - BNP Paribas

Emmanuel Rosner - Deutsche Bank

Colin Langan - Wells Fargo

Operator

Good morning, everyone, and welcome to the Lear Corporation First Quarter 2023 Earnings Conference Call. [Operator Instructions] Please also note today's event is being recorded.

At this time, I'd like to turn the floor over to Ed Lowenfeld, Vice President, Investor Relations. Sir, please go ahead.

Ed Lowenfeld

Thanks, Jamie. Good morning, everyone, and thank you for joining us for Lear's first 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 up the call for Q&A. You can find a copy of the presentation that accompanies these remarks at ir.lear.com.

Before Ray begins, 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 metrics.

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 first 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 first quarter. Lear started the year strong, delivering significant increases in both revenue and earnings in the first quarter compared to last year.

Sales increased 12% to $5.8 billion, and core operating earnings increased 43% to $263 million. Adjusted earnings per share increased 54% to $2.78 per share.