Automotive tier-1 supplier Lear Corporation has reported its fourth quarter and full 2024 financial results, with declines in both revenue and net income. By ILM.

Lear posted revenue of US$5.7 billion in the fourth quarter, slightly down from US$5.8 billion in the same period of 2023. Net income was US$88 million, dropping by 30.7% year-on-year with adjusted net income falling by 9% to US$161 million. Core operating earnings stood at US$258 million, down 10.4% from the previous year.

The company reported that in Q4, it secured a new business award to provide INTU radar and software technology to a European luxury automaker, integrated ComfortMax Seat into select GM vehicles and acquired StoneShield Engineering to enhance wire harness production efficiency in E-Systems.

In the full 2024 fiscal year, Lear recorded revenue of US$23.3 billion, compared to $23.5 billion in 2023. While Seating’s consolidated revenue outperformed industry volumes by less than one percentage point, E-Systems showed stronger growth at six percentage points above industry volume.

Net income was US$507 million, with adjusted net income at US$713 million, down by 11.5% and up by 0.4% year-on-year respectively. Core operating earnings reached US$1.1 billion, down slightly from US$1.12 billion the previous year.

President and CEO Ray Scott said: “Lear delivered solid results in 2024 despite continuing macroeconomic and industry headwinds, with both segments outgrowing the market. Strong cash flow generation enabled us to return US$574 million to shareholders through repurchases and dividends. Investments in automation and footprint optimisation will drive future margin improvements. Our relentless focus on the factors we can control sets Lear up for long-term growth and margin expansion.”