Lear Corporation. (NYSE:LEA) Q3 2024 Earnings Conference Call October 24, 2024 8:00 AM ET

Company Participants

Tim Brumbaugh - Vice President, Investor Relations
Ray Scott - President and Chief Executive Officer
Jason Cardew - Senior Vice President and Chief Financial Officer

Conference Call Participants

Joe Spak - UBS
John Murphy - Bank of America
Mark Delaney - Goldman Sachs
Colin Langan - Wells Fargo
James Picariello - BNP Paribas
Trevor Young - Barclays

Operator

Good morning, everyone and welcome to the Lear Corporation Third Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note today’s event is being recorded. At this time, I’d like to turn the floor over to Tim Brumbaugh, Vice President, Investor Relations. Please go ahead.

Tim Brumbaugh

Thanks, Jamie. Good morning, everyone and thank you for joining us for Lear’s third quarter 2024 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 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 third quarter financial results and provide an update on our full year financial guidance. 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, Tim. Please turn to Slide 5 which highlights key financial metrics for the third quarter of 2024. Lear delivered $5.6 billion of revenue in the third quarter despite a very challenging production environment. Core operating earnings for $257 million or 4.6% of net sales.