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Lear Reports Fourth Quarter and Full Year 2010 Financial Results

SOUTHFIELD, Mich. Feb. 1, 2011

Fourth Quarter 2010

  • $3.2 billion
  • $150 million
  • $2.38
  • $160 million

Full Year 2010

  • $12.0 billion
  • $627 million
  • $8.83
  • $429 million
  • $273 million
  • $1.7 billion $699 million

Business Conditions

North America North America Europe

North America Europe Bob Rossiter

Fourth Quarter 2010 Financial Results

$3.2 billion $119.3 million $27.7 million $2.16 $149.9 million $2.38 $2.7 billion $115.5 million the United States

$2.5 billion $690.9 million

$159.8 million $11.3 million $237.8 million $67.4 million

Full Year 2010 Financial Results

$12.0 billion $486.0 million $90.7 million $8.11 $627.3 million $8.83 $9.7 billion $106.8 million

$9.4 billion $2.6 billion

$428.6 million $155.5 million $273 million $621.9 million $(175.2) million

$809 million

Full Year 2011 Financial Outlook

January 10 North America Europe China $1.33

$12.6 to $13.0 billion $700 to $740 million $400 million $55 million $645 to $685 million $120 to $125 million $500 to $535 million $9.20 to $9.85

$125 million $250 million $250 million

Webcast Information

Tuesday, February 1, 2011 9:00 a.m. eastern standard time http://www.lear.com February 15, 2011

Non-GAAP Financial Information

In addition to the results reported in accordance with GAAP included throughout this press release, the Company has provided information regarding "income before interest, other (income) expense, income taxes, restructuring costs and other special items (core operating earnings),"  "pretax income before restructuring costs and other special items," "adjusted net income attributable to Lear," "adjusted diluted net income per share attributable to Lear (adjusted earnings per share)," "tax expense excluding restructuring costs and other special items" and "free cash flow" (each, a non-GAAP financial measure).  Other (income) expense includes, among other things, non-income related taxes, foreign exchange gains and losses, discounts and expenses associated with the Company’s factoring facilities, gains and losses related to certain derivative instruments and hedging activities, equity in net income of affiliates and gains and losses on the sales of assets.  Adjusted net income attributable to Lear and adjusted earnings per share represent net income attributable to Lear and diluted net income per share attributable to Lear, respectively, adjusted for restructuring costs and other special items, including the tax effect thereon, and other discrete tax items.  Free cash flow represents net cash provided by operating activities before the net change in sold accounts receivable, less capital expenditures.  The Company believes it is appropriate to exclude the net change in sold accounts receivable in the calculation of free cash flow since the sale of receivables may be viewed as a substitute for borrowing activity.

Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations.  In particular, management believes that core operating earnings, pretax income before restructuring costs and other special items, adjusted net income attributable to Lear, adjusted earnings per share and tax expense excluding restructuring costs and other special items are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities.  Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.  Management believes that free cash flow is useful to both management and investors in their analysis of the Company’s ability to service and repay its debt.  Further, management uses these non-GAAP financial measures for planning and forecasting future periods.

Core operating earnings, pretax income before restructuring costs and other special items, adjusted net income attributable to Lear, adjusted earnings per share, tax expense excluding restructuring costs and other special items and free cash flow should not be considered in isolation or as a substitute for pretax income, net income attributable to Lear, diluted net income per share attributable to Lear, cash provided by (used in) operating activities or other statement of operations or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity.  In addition, the calculation of free cash flow does not reflect cash used to service debt and, therefore, does not reflect funds available for investment or other discretionary uses.  Also, these non-GAAP financial measures, as determined and presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.

http://www.lear.com

Given the inherent uncertainty regarding special items and other expense in any future period, a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is not feasible.  The magnitude of these items, however, may be significant.

November 9, 2009 November 7, 2009 November 7, 2009 November 7, 2009

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity.  The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public.  All such forward-looking statements contained or incorporated in this press release or in any other public statements which address operating performance, events or developments that the Company expects or anticipates may occur in the future, including, without limitation, statements related to business opportunities, awarded sales contracts, sales backlog and ongoing commercial arrangements, or statements expressing views about future operating results, are forward-looking statements. Actual results may differ materially from any or all forward-looking statements made by the Company.  Important factors, risks and uncertainties that may cause actual results to differ materially from anticipated results include, but are not limited to, general economic conditions in the markets in which the Company operates, including changes in interest rates or currency exchange rates, the financial condition and restructuring actions of the Company’s customers and suppliers, changes in actual industry vehicle production levels from the Company’s current estimates, fluctuations in the production of vehicles or the loss of business with respect to a vehicle model for which the Company is a significant supplier, disruptions in the relationships with the Company’s suppliers, labor disputes involving the Company or its significant customers or suppliers or that otherwise affect the Company, the outcome of customer negotiations, the impact and timing of program launch costs, the costs, timing and success of restructuring actions, increases in the Company’s warranty, product liability or recall costs, risks associated with conducting business in foreign countries, competitive conditions impacting the Company’s key customers and suppliers, the cost and availability of raw materials, energy and commodities, the Company’s ability to mitigate increases in raw material, energy and commodity costs, the outcome of legal or regulatory proceedings to which the Company is or may become a party, the impact of pending legislation and regulations or changes in existing federal, state, local or foreign laws or regulations, unanticipated changes in cash flow, including the Company’s ability to align its vendor payment terms with those of its customers, the Company’s ability to access capital markets on commercially reasonable terms, impairment charges initiated by adverse industry or market developments, the anticipated future performance of the Company, including, without limitation, the Company’s ability to maintain or increase revenue and gross margins, control future operating expenses and make necessary capital expenditures, and other risks described from time to time in the Company’s Securities and Exchange Commission filings.  Future operating results will be based on various factors, including actual industry production volumes, commodity prices and the Company’s success in implementing its operating strategy.

The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.

Southfield, Michigan http://www.lear.com

Lear Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share amounts)

Three Month

Two Month

One Month

Period Ended

Period Ended

Period Ended

Successor

Combined

Successor

Predecessor

December 31,

December 31,

December 31,

November 7,

2010

2009

2009

2009

Net sales

$                  3,156.5

$                  2,742.4

$               1,580.9

$             1,161.5

Cost of sales

2,921.6

2,578.0

1,508.1

1,069.9

Selling, general and administrative expenses

102.0

116.8

71.2

45.6

Amortization of intangible assets

6.9

5.0

4.5

0.5

Goodwill impairment charges

319.0

319.0

Interest expense

11.2

22.3

11.1

11.2

Other (income) expense, net

(4.5)

20.9

17.9

3.0

Reorganization items and

fresh start accounting adjustments, net

(1,513.4)

(1,513.4)

Consolidated income (loss) before income taxes

119.3

1,193.8

(31.9)

1,225.7

Income taxes

(4.5)

(33.8)

(24.2)

(9.6)

Consolidated net income (loss)

123.8

1,227.6

(7.7)

1,235.3

Net income (loss) attributable to

noncontrolling interests

6.7

(0.6)

(3.9)

3.3

Net income (loss) attributable to Lear

$                     117.1

$                  1,228.2

$                    (3.8)

$             1,232.0

Diluted net income (loss) per share

$                       2.16

$                  (0.11)

$                15.89

Weighted average number of diluted shares outstanding

54.2

34.5

77.5

Lear Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share amounts)

Twelve Month

Two Month

Ten Month

Period Ended

Period Ended

Period Ended

Successor

Combined

Successor

Predecessor

December 31,

December 31,

December 31,

November 7,

2010

2009

2009

2009

Net sales

$                11,954.6

$                  9,739.6

$               1,580.9

$             8,158.7

Cost of sales

10,936.3

9,379.4

1,508.1

7,871.3

Selling, general and administrative expenses

452.7

447.9

71.2

376.7

Amortization of intangible assets

27.2

8.6

4.5

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