![Lear Corp [LEA] reports quarterly net loss of $126.9 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FLEA.png&w=1200&q=75)
LEAR CORP [LEA] has reported a net loss of $126.9 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $6 billion
Based in Southfield, Michigan, LEAR CORP operates in the MANUFACTURING sector.
In the first quarter of the current fiscal year, Lear Corporation reported a net sales figure of $5,994.6 million, showing growth compared to the same period last year when net sales were $5,845.5 million. The cost of sales also increased, standing at $5,596.5 million for the recent quarter, up from $5,415.5 million in the previous year.
Selling, general, and administrative expenses rose to $186.5 million from $176.8 million, while amortization of intangible assets decreased slightly to $15.1 million from $15.9 million. Interest expenses increased to $26.1 million from $24.2 million, with other expenses also rising marginally to $13.5 million from $13.7 million.
The consolidated income before provision for income taxes and equity in net income of affiliates decreased to $156.9 million from $199.4 million in the same period last year. The provision for income taxes also declined to $40.5 million from $45.6 million, while equity in net income of affiliates showed a negative value of ($10.5) million compared to ($9.6) million in the previous year.
As a result, Lear Corporation's consolidated net income for the quarter stood at $126.9 million, down from $163.4 million in the corresponding period last year. Net income attributable to Lear was $109.6 million, a decrease from $143.6 million.
Basic net income per share attributable to Lear also decreased to $1.91 from $2.42, while diluted net income per share decreased to $1.90 from $2.41. Cash dividends declared per share remained unchanged at $0.77. The average common shares outstanding decreased to 57,251,970 from 59,316,555, and the average diluted shares outstanding decreased to 57,569,739 from 59,558,966.
On the comprehensive income front, Lear Corporation reported consolidated comprehensive income of $58.5 million in the recent quarter, significantly lower than the $264.1 million reported in the same period last year. After accounting for noncontrolling interests, the comprehensive income attributable to Lear was $43.4 million, a decline from $243.9 million in the previous year.
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