Businessweek

Lear Corporation at its annual general meeting held on May 16, 2013, approved appointment of Henry D.G. Wallace as director of the company.

Lear Corp. announced that its Board of Directors has declared a quarterly cash dividend of $0.17 per share on the company's common stock. The dividend is payable on June 26, 2013 to shareholders of record at the close of business on June 7, 2013.

Lear Corp. reported unaudited consolidated earnings results for the first quarter ended March 30, 2013. For the period, the company reported net sales of $3,947.1 million against $3,644.0 million a year ago. Consolidated income before income taxes and equity in net income of affiliates was $146.8 million against $174.0 million a year ago. Net income attributable to company was $108.5 million or $1.13 per diluted share against $134.1 million or $1.32 per diluted share a year ago. Net cash provided by operating activities was $63.8 million against $4.2 million a year ago. Adjusted capital expenditures were $91.6 million against $69.3 million a year ago. Core operating earnings was $201.0 million against $195.3 million a year ago. Adjusted net income attributable to company was $124.4 million or $1.30 per share against $140.6 million or $1.38 per share a year ago. The company reaffirmed earnings guidance for the year 2013. For the period, net sales are expected to be $15.0 to $15.5 billion, and core operating earnings are expected to be $725 to $775 million. Free cash flow in 2013 is expected to be approximately $275 million, and interest expense in 2013 is expected to be approximately $80 million. Pretax income before restructuring costs and other special items is estimated to be in the range of $650 to $700 million. Tax expense, excluding the impact of restructuring costs and other special items, is expected to be in the range of $195 to $210 million, resulting in an effective tax rate of approximately 30%. Adjusted net income attributable to Lear is expected to be in the range of $420 to $455 million. Pretax operational restructuring costs in 2013 are estimated to be about $50 million. Adjusted capital spending in 2013 is estimated to be approximately $450 million. Depreciation and amortization expense is estimated to be about $285 million in 2013.

Lear Corp., Annual General Meeting, May 16, 2013., at 09:00 US Eastern Standard Time. Location: 21557 Telegraph Road. Agenda: To elect eight directors; to ratify the appointment of Ernst & Young LLP as its independent registered public accounting firm for 2013; to provide an advisory vote to approve its executive compensation; and to conduct any other business properly brought before the meeting or any adjournments or postponements thereof.

Lear Corp., Q1 2013 Earnings Call, Apr 25, 2013