Lear Corporation (NYSE:LEA) Q3 2022 Earnings Conference Call November 1, 2022 8:30 AM ET

Company Participants

Ed Lowenfeld - Vice President, Investor Relations

Ray Scott - President and Chief Executive Officer

Jason Cardew - Senior Vice President and Chief Financial Officer

Conference Call Participants

Joseph Spak - RBC

John Murphy - Bank of America

Colin Langan - Wells Fargo

Emmanuel Rosner - Deutsche Bank

Mark Delaney - Goldman Sachs

Gavin Kennedy - Jefferies

Chris McNally - Evercore

Operator

Good morning everyone and welcome to the Lear Corporation’s Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] We also like to note that today’s event is being recorded.

At this time, I would like to turn the conference call 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 third quarter 2022 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 the 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 third quarter financial results and our full-year 2022 outlook. Finally, Ray will offer some conclude remarks. Following the formal presentation, we'd be happy to take your questions.

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

Ray Scott

Thanks, Ed. Now please turn to Slide 5, where I will provide a brief overview of our third quarter financials. Our financial results improved significantly in the third quarter, reflecting higher production volumes and our strong new business backlog. Sales increased 23% to $5.2 billion and core operating earnings more than doubled to $235 million.