Southfield-based automotive supplier Lear Corp. today reported record revenue of $18.2 billion in 2015, an increase of 3 percent when compared year over year, with operating earnings of $1.3 billion.
“For the full year 2015 we reported our sixth consecutive year of higher sales, increased earnings per share, and strong cash flow,” says Matt Simoncini, president and CEO of Lear. “During 2015, we continued to invest in our business with the acquisitions of Eagle Ottawa, Arada Systems, and Autonet Mobile as well as continued expansion of our world-class component facilities in low-cost regions.”
Simoncini says Lear recorded operating earnings of $1.3 billion last year, up 25 percent compared to 2014. The company’s core operating margin was 7.2 percent in 2015, up nearly 6 percent from the previous year. Adjusted earnings per share was $10.85, an increase of 33 percent when compared to 2014, and Lear returned $566 million to shareholders through share repurchases and dividends.
In the seating segment, Simoncini says sales were up 6 percent to $14.1 billion, reflecting the acquisition of Eagle Ottawa. Net sales were down 7 percent for the electrical segment to $4.1 billion.
He says in 2016, sales are expected to be in the range of $18.5 billion to $19 billion.
In 2015, Lear purchases two buildings in downtown Detroit: the historic Hemmeter Building in downtown Detroit’s Paradise Valley (formerly Harmonie Park) and a six-story structure in Detroit’s Capitol Park, with plans to transform the building into a design and innovation center.
Lear got its start in Detroit in 1917 as American Metal Products, which manufactured welded, stamped, and tubular assemblies for the automotive and aircraft industries. Today, the company operates 235 locations in 35 countries.