Lear Corporation (NYSE:LEA) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET

Company Participants

Ed Lowenfeld - Vice President Investor Relations

Ray Scott - President & Chief Executive Officer

Jason Cardew - Senior Vice President & Chief Financial Officer

Frank Orsini - Executive Vice President & President of Seating

Conference Call Participants

Rod Lache - Wolfe Research

John Murphy - Bank of America

James Picariello - BNP Paribas

Colin Langan - Wells Fargo

Dan Levy - Barclays

Emmanuel Rosner - Deutsche Bank

Joseph Spak - UBS

Operator

Good morning, everyone and welcome to the Lear Corporation Third 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. Please go ahead.

Ed Lowenfeld

Thanks, Jamie. Good morning, everyone and thank you for joining us for Lear's Third Quarter 2023 Earnings Call. Presenting today are Ray Scott, Lear's 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 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 provide an update on our full year outlook. 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.

Ray Scott

Thanks, Ed. Now please, turn to Slide 5, which highlights key financial metrics for the third quarter. We had another strong quarter with double-digit increases in sales and operating earnings. Total company revenue was $5.8 billion, a 10% increase compared to last year. Core operating earnings increased by 14% from last year to $267 million.