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Lear Reports Record 2016 Results

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SOUTHFIELD, Mich., Jan. 26, 2017 /PRNewswire/ — Lear Corporation [NYSE: LEA], a leading global supplier of automotive seating and electrical systems, today reported financial results for the fourth quarter and full year of 2016.  Highlights include:

Fourth Quarter 2016

Full Year 2016

“We just completed our most successful year ever, as the investments that we have made in our business are paying off.  We achieved record performance in all key financial metrics, continued to improve our cost structure and strengthened our product capabilities.  We also continued to reward our shareholders in 2016 with a 20% increase in our dividend, the purchase of nearly six million of our shares outstanding and a free cash flow yield of 11%,” said Matt Simoncini, Lear’s president and chief executive officer.  “Over the last five years, we have delivered a total return to our shareholders of 250%, twice the market average and more than any of our peers.  Going forward, I believe that we are in the strongest overall competitive position in our history.  We have a record sales backlog, and we are uniquely positioned to continue to deliver profitable growth and superior total shareholder returns.”                               

In the Seating segment, sales were down 2% to $3.6 billion.  Excluding the impact of foreign exchange and commodity prices, sales were flat, reflecting the addition of new business offset by decreased production volumes on key platforms.  Segment earnings were $287 million or 8.0% of sales. Adjusted segment earnings were $297 million or 8.2% of sales. Adjusted margins improved 60 basis points from a year ago, reflecting favorable operating performance. 

In the E-Systems segment, sales were flat at $1.0 billion.  Excluding the impact of foreign exchange and commodity prices, sales increased 2%, reflecting the addition of new business and increased production volumes on key platforms.  Segment earnings were $150 million or 14.4% of sales. Adjusted segment earnings were $154 million or 14.8% of sales. Adjusted margins improved 70 basis points from a year ago, reflecting the increase in sales and favorable operating performance.

In the fourth quarter of 2016, net cash provided by operating activities was $525 million, and free cash flow was $297 million.                              

In the Seating segment, sales were up 2% to $14.4 billion. Excluding the impact of foreign exchange and commodity prices, sales increased 5%, reflecting the addition of new business.  Segment earnings were $1,136 million or 7.9% of sales.  Adjusted segment earnings were $1,175 million or 8.2% of sales.  Margins increased 110

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