SOUTHFIELD, Mich., Feb. 20,
2024 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a
global automotive technology leader in Seating and E-Systems, today
announced that its Board of Directors has approved an increase to
the Company's share repurchase authorization to $1.5 billion and extended the authorization
period until December 31, 2026. In
addition, the Board declared a quarterly cash dividend of
$0.77 per share on the Company's
common stock. The dividend is payable on March 27, 2024, to shareholders of record at the
close of business on March 8,
2024.
"The confidence Lear's Board has in the Company's outlook and
its ability to generate free cash flow allows for the shareholder
actions announced today," said Gregory C.
Smith, Lear's Non-Executive Chairman. "The Board fully
supports the Company's capital allocation priorities, which are
designed to maximize long-term shareholder value by making organic
and inorganic investments to drive profitable growth and improve
competitiveness, maintaining a strong and flexible balance sheet,
and consistently returning excess cash to shareholders."
At the end of 2023, Lear had $916
million remaining on its share repurchase authorization. As
a result of the Board's action, Lear's total share repurchase
authorization is now $1.5 billion and
reflects approximately 19% of its total market capitalization at
current market prices. Since the Company began its share repurchase
program in 2011, Lear has returned approximately $5.2 billion to shareholders, including the
repurchase of approximately 53% of the Company's shares outstanding
as of the commencement of its share repurchase program.
Lear may implement share repurchases under its share repurchase
authorization utilizing a variety of methods, including open market
purchases, accelerated share repurchase programs, privately
negotiated transactions and structured repurchase transactions.
Share repurchases are subject to the Company's discretion with
respect to alternative uses of capital, as well as prevailing
financial, market and industry conditions.
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 statements contained or
incorporated in this press release or in any other public
statements that address operating performance, events or
developments that the Company expects or anticipates may occur in
the future are forward-looking statements. Factors that could cause
actual results to differ materially from these forward-looking
statements are discussed in the Company's Annual Report on Form
10-K for the year ended December 31,
2023, and its other Securities and Exchange Commission
filings. Future operating results will be based on various factors,
including actual industry production volumes, supply chain
disruptions, labor disruptions, commodity prices, changes in
foreign exchange rates, the impact of restructuring actions 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.
About Lear Corporation
Lear, a global automotive
technology leader in Seating and E-Systems, enables superior
in-vehicle experiences for consumers around the world. Lear's
diverse team of talented employees in 38 countries is driven by a
commitment to innovation, operational excellence, and
sustainability. Lear is Making every drive better™ by providing the
technology for safer, smarter, and more comfortable journeys. Lear,
headquartered in Southfield,
Michigan, serves every major automaker in the world and
ranks 189 on the Fortune 500. Further information about Lear is
available at lear.com.
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SOURCE Lear Corporation