In the fourth quarter of 2023, sales were up by 9% to US$5.8 billion, while net income increased by 7.6% to US$127 million. This was the company’s sixth consecutive quarter of year-on-year improvements in sales.

In the full fiscal year, sales increased by 12% to a record level of US$23.5 billion, while net income grew by 75% to US$573 million.

Looking forward, the company expects net sales of between US$24-24.6 billion in the 2024 fiscal year.

Lear President and CEO Ray Scott said: “Lear delivered record sales and strong earnings growth in 2023, reflecting the execution of our strategy and a recovering industry. During 2023, we completed the IGB acquisition, which added new product technology and scale to our growing thermal comfort systems business.

“I am incredibly excited by the strong customer response to our thermal comfort systems strategy, which we believe will result in increased market share and higher margins in Seating. Positive momentum in E-Systems continued as we achieved our sixth consecutive quarter of year-over-year margin improvement, driven by new business and performance improvements. As we enter 2024, we are expecting another year of increased revenue, earnings and cash flow.”