Lear Corporation (NYSE:LEA) Q2 2022 Earnings Conference Call August 2, 2022 8:30 AM ET

Company Participants

Ed Lowenfeld – Vice President-Investor Relations

Ray Scott – President, Chief Executive Officer and Director

Jason Cardew – Senior Vice President and Chief Financial Officer

Conference Call Participants

Joseph Spak – RBC Capital Markets

Rod Lache – Wolfe Research

Itay Michaeli – Citi

Colin Langan – Wells Fargo

John Murphy – Bank of America

Emmanuel Rosner – Deutsche Bank

David Kelley – Jefferies

James Picarillo – BNP Paribas

Operator

Good morning, and welcome to the Lear Corporation Second Quarter Earnings Conference Call. [Operator Instructions]

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

Ed Lowenfeld

Thanks, Matt. Good morning everyone. And thanks for joining us for Lear's second 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 the call for Q&A. You can find a copy of the presentation that accompanies these remarks at ir.lear.com.

I would 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. Jason will begin by reviewing our second quarter financial results and our full year 2022 outlook. Ray will then provide a business update, highlighting the industry environment and the steps we are taking to position leader for success. Following the formal presentation, we'd be happy to take your questions.

Now I'd like to invite Jason to begin.

Jason Cardew

Thanks, Ed. And good morning everyone. Please turn to Slide 5 where I will provide a brief overview of our second quarter financial results and other recent company highlights. In the second quarter with ongoing COVID and semiconductor disruptions, cost inflation, and a strengthening dollar, the Lear team posted solid results, which exceeded our expectations.