This document provides a summary of Lear Corporation's second quarter 2006 financial results and full-year 2006 financial guidance. Some key points include:
- Second quarter results showed year-over-year improvement and full-year earnings guidance was unchanged.
- Lear signed an agreement to contribute its European Interiors business to a joint venture, which will result in a $40 million loss being recorded in the third quarter.
- Seating segment earnings improved due to strong new business globally and improved Asian profitability. Electronic and Electrical earnings declined due to higher commodity costs and competitive pricing pressure.
- Overall results were positively impacted by new program launches, but negatively impacted by lower North American production volumes and unf
This document provides a summary of Lear Corporation's third-quarter 2006 results, fourth-quarter 2006 guidance, and preliminary outlook for 2007. Key points include:
- Third-quarter net sales were $4.1 billion and core operating earnings were $46.2 million.
- Fourth-quarter 2006 guidance projects net sales of $4.1 billion and core operating earnings between $80-110 million.
- A preliminary outlook for 2007 anticipates annual industry production in line with 2006, global new business of $800 million, and free cash flow turning solidly positive.
This document provides an overview of Lear Corporation's first-quarter 2006 financial results and full-year 2006 financial guidance. It discusses improvements in year-over-year financial results and the successful refinancing of $1 billion in debt. Segment results showed earnings growth in Seating and Electronic and Electrical, though Interiors performance was adverse. The outlook expects continued improvement over the course of 2006.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
- Boeing reported a Q4 loss of $56 million compared to a profit of $1 billion in Q4 2007, due to impacts of the machinists' strike, a $685 million charge for the 747 program, and $101 million litigation reserve.
- Full year revenues fell 8% to $60.9 billion while net income declined 34% to $2.7 billion, reduced by an estimated $2.56 per share due to special charges.
- Boeing provided guidance for 2009 of revenues between $68-69 billion and EPS of $5.05-5.35 per share, with operating cash flow exceeding $2.5 billion.
The Progressive Corporation announced financial results for December 2005 and the full year 2005. For December, net income was $122.9 million, down 32% from the previous year due to an additional week of results in 2004. For the full year, net income was $1.393.9 billion, down 15% from 2004 which had 53 weeks of activity compared to 52 weeks in 2005. The company also held a conference call in March 2006 to discuss the full year 2005 results and filed its annual report with the SEC.
The Progressive Corporation reported financial results for March 2006. Net premiums written increased 1% to $1.137 billion compared to March 2005. Net income increased 15% to $156 million compared to the previous year. The combined ratio improved 1.5 percentage points to 83.3%. Policies in force grew 6% overall with increases in both personal and commercial auto insurance lines.
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
This document provides a summary of Lear Corporation's third-quarter 2006 results, fourth-quarter 2006 guidance, and preliminary outlook for 2007. Key points include:
- Third-quarter net sales were $4.1 billion and core operating earnings were $46.2 million.
- Fourth-quarter 2006 guidance projects net sales of $4.1 billion and core operating earnings between $80-110 million.
- A preliminary outlook for 2007 anticipates annual industry production in line with 2006, global new business of $800 million, and free cash flow turning solidly positive.
This document provides an overview of Lear Corporation's first-quarter 2006 financial results and full-year 2006 financial guidance. It discusses improvements in year-over-year financial results and the successful refinancing of $1 billion in debt. Segment results showed earnings growth in Seating and Electronic and Electrical, though Interiors performance was adverse. The outlook expects continued improvement over the course of 2006.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
- Boeing reported a Q4 loss of $56 million compared to a profit of $1 billion in Q4 2007, due to impacts of the machinists' strike, a $685 million charge for the 747 program, and $101 million litigation reserve.
- Full year revenues fell 8% to $60.9 billion while net income declined 34% to $2.7 billion, reduced by an estimated $2.56 per share due to special charges.
- Boeing provided guidance for 2009 of revenues between $68-69 billion and EPS of $5.05-5.35 per share, with operating cash flow exceeding $2.5 billion.
The Progressive Corporation announced financial results for December 2005 and the full year 2005. For December, net income was $122.9 million, down 32% from the previous year due to an additional week of results in 2004. For the full year, net income was $1.393.9 billion, down 15% from 2004 which had 53 weeks of activity compared to 52 weeks in 2005. The company also held a conference call in March 2006 to discuss the full year 2005 results and filed its annual report with the SEC.
The Progressive Corporation reported financial results for March 2006. Net premiums written increased 1% to $1.137 billion compared to March 2005. Net income increased 15% to $156 million compared to the previous year. The combined ratio improved 1.5 percentage points to 83.3%. Policies in force grew 6% overall with increases in both personal and commercial auto insurance lines.
GM reported preliminary second quarter 2007 results with adjusted EPS of $2.48. Key highlights included record automotive revenue, continued share gains outside North America, and adjusted automotive operating cash flow of $1.1 billion. GM also announced the planned sale of Allison Transmission for $5.6 billion. While results improved from the second quarter of 2006, they included special items such as $374 million related to Delphi. GM maintained a strong liquidity position of $27.2 billion.
The Progressive Corporation announced financial results for December 2004 and the fourth quarter of 2004. For December, net premiums written increased 32% to $1.135.5 million and net income increased 59% to $179.5 million. For the quarter, net premiums written rose 15% to $3.352.3 million and net income grew 16% to $413.5 million. The company also announced it would hold a conference call on March 3, 2005 to discuss its annual report.
unum group 1Q 08_Statistical_Supplement_Notesfinance26
The document is Unum Group's statistical supplement for the first quarter of 2008. It includes financial highlights showing metrics such as premium income, revenues, income, assets and equity. It also includes segment operating results, quarterly historical results by segment, financial results and statistics by business segment (Unum US, Unum UK, Colonial Life, etc.), reserves data, investment information and statutory basis financial information. The supplement provides detailed quarterly and annual financial information about Unum Group to analyze performance by business segment.
The Progressive Corporation reported its October 2005 results. Net premiums written increased 4% to $1.328 billion compared to October 2004. Net income decreased 46% to $75.4 million compared to the same period last year. The combined ratio was 94.2, a deterioration of 7.2 points from October 2004, due to $84.4 million in losses from Hurricanes Wilma and Katrina. Progressive provides auto insurance to personal and commercial drivers throughout the US.
The Progressive Corporation reported its November 2005 results. Net premiums written increased 5% to $986.3 million compared to November 2004. Net income decreased 11% to $83.3 million compared to the prior year. The combined ratio was 89.9%, a 0.3 point increase from November 2004. Progressive incurred losses of $4.2 million from Hurricane Wilma and $3 million from Hurricane Katrina in November, bringing its total losses from the storms to $76.6 million and $188.6 million, respectively.
The Progressive Corporation announced financial results for December 2006 and the full year 2006. For December, net income increased 13% to $138.9 million compared to December 2005. For the full year, net income increased 18% to $1.647 billion compared to 2005. The company also announced it would hold a conference call on March 2, 2007 to discuss annual results and file its annual report with the SEC.
The document is a statistical supplement from UnumProvident providing financial highlights and results for the first quarter of 2006. Some key details include:
- Premium income for the quarter was $1.97 billion, up slightly from $1.935 billion in the first quarter of 2005.
- Net income for the quarter was $73.4 million, down from $152.2 million in the first quarter of 2005, due to a $86 million claim reassessment charge.
- Total assets as of March 31, 2006 were $50.471 billion, down slightly from $50.836 billion at March 31, 2005.
- Albemarle Corporation's earnings presentation covered Q4 2008 results as well as full year 2008 results.
- Q4 2008 net sales were down 13.6% compared to Q4 2007, operating profit declined 122.7%, and net income declined 77.6%. Full year 2008 results saw net sales increase 5.6% while operating profit declined 28.7% and net income declined 15.5% compared to 2007.
- Results were negatively impacted by lower volumes across key end markets as well as increased raw material and energy costs. The company has taken steps to reduce costs and restructure operations.
- The document provides AES Corporation's third quarter 2006 financial review, including highlights and guidance updates.
- Key highlights include a 14% increase in revenues year-over-year due to higher prices and new projects. Gross margin increased 9% while income before taxes declined 114% due to losses on asset sales related to restructuring.
- Guidance for 2006 was updated, with revenue growth expected at 9-10% and adjusted EPS estimated at $1.09, up from the prior guidance of $1.01.
The document is a statistical supplement from UnumProvident for the third quarter of 2006 that includes financial highlights and statistics for the company. Some key details from the financial highlights include:
- For the third quarter of 2006, UnumProvident reported a net loss of $63.7 million compared to net income of $52.6 million for the same quarter the previous year.
- For the first nine months of 2006, UnumProvident reported net income of $134.9 million compared to $376.1 million for the same period in 2005.
- Total assets for UnumProvident as of September 30, 2006 were $52.2 billion, up slightly from $51.1 billion at
This document provides financial highlights and statistical data for Unum Group for the first quarter of 2007. Some key details include:
- Premium income was $1.944 billion for the first quarter of 2007, down slightly from $1.970 billion in the same period of 2006.
- Net income was $178.3 million for the first quarter of 2007, up significantly from $73.4 million for the first quarter of 2006.
- Total assets as of March 31, 2007 were $52.324 billion, up slightly from $50.471 billion as of March 31, 2006.
- The document provides segmented financial results and statistics for Unum US, Unum UK, Colonial, Individual
The Progressive Corporation held a conference call on November 10, 2005 to discuss its quarterly financial results. For the month of September 2005, Progressive reported a 6% increase in net premiums written and earned. Net income decreased 13% compared to September 2004. The combined ratio was 88.9%, up 0.8 percentage points from the prior year. Hurricane losses contributed to higher losses and loss adjustment expenses for the month.
The Progressive Corporation held a conference call on August 10, 2004 at 9:00am eastern time to address questions from shareholders regarding its quarterly report and Form 10-Q filing with the SEC. Progressive reported positive financial results for June 2004, with an 8% increase in net premiums written, 40% increase in net income, and 3.8 point decrease in combined ratio compared to June 2003. Progressive also saw increases in policies in force and net premiums written of 14% and 12%, respectively, for the first quarter of 2004 compared to the same period in 2003.
1. Progressive Corporation held a conference call on November 3, 2006 to address questions about its quarterly financial results.
2. In September 2006, Progressive reported a 32% increase in net income compared to September 2005. Earned premiums increased 1% and the combined ratio improved by 2 percentage points.
3. For the January-September 2006 period, Progressive reported a 12% increase in net income compared to the same period in 2005. Earned premiums increased 3% and the combined ratio improved by 3.1 percentage points.
Lear Corporation provided an update on its second-quarter 2005 financial results and full-year 2005 guidance. Key points include:
- Second-quarter net sales increased slightly but earnings declined significantly year-over-year due to lower production volumes, commodity cost pressures, and restructuring charges.
- Full-year 2005 guidance was lowered due to worse-than-expected industry production declines, higher restructuring costs, and unfavorable foreign exchange rates.
- Capital expenditures are expected to remain elevated in 2005 to support a record new product launch schedule before trending lower, while free cash flow will be negatively impacted by restructuring activities and timing of customer payments.
Goodrich Corporation reported fourth quarter and full year 2006 results on February 1, 2007. Some key highlights include:
- Fourth quarter 2006 sales grew 10% year-over-year with growth in all segments and major market channels. Segment operating margin increased from 11.2% to 12.5%.
- Net income per diluted share was $0.78, reflecting 39% growth over fourth quarter 2005.
- For the full year 2006, sales grew 9% year-over-year. Segment operating income increased 22% and margin increased 1.5% to 13.0%. Net income increased 83%.
- The company cautions that any forward-looking statements are subject to risks and uncertainties that could cause
- 3M reported strong financial results for the first quarter of 2006, with sales growth of 8.3% and EPS growth of 20.6% compared to the first quarter of 2005.
- All six of 3M's business segments saw operating income increases, led by the Safety, Security & Protection Services segment with a 30.3% increase.
- For the second quarter of 2006, 3M expects local currency sales growth of 5-8% and EPS between $1.14-$1.17, and for the full year expects local currency sales growth of 5.5-8% and EPS of $4.55-$4.65.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- Segment operating margins improved in all segments compared to third quarter 2005.
- The company initiated a $300 million share repurchase program to reduce dilution from equity compensation programs.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- The company authorized a $300 million share repurchase program to reduce dilution from equity programs.
- Segment operating margins improved in all segments compared to third quarter 2005.
- DuPont reported second quarter 2006 earnings of $1.04 per share, up from $1.01 per share in second quarter 2005. Excluding significant items, earnings per share were $1.01, up 12% from $0.90 per share last year.
- Local prices were up 2% while volumes increased 1%, but currency effects reduced sales by 1%, for a total sales increase of 2%.
- The company expects strong earnings growth in the second half of 2006 compared to 2005, and reaffirms its full year 2006 earnings outlook.
The document provides financial results for Flagstar Bancorp for Q4 2008, including a net loss of $200.3 million compared to a net loss of $62.1 million in Q3 2008. It also discusses factors impacting results such as a $176.3 million provision for loan losses. Additionally, the document reviews historical trends in loan production, underwriting, locks, and closings which have declined significantly from 2007 levels.
The document provides earnings information for Raytheon Company for the fourth quarter and full year 2006. It summarizes key financial metrics including strong bookings, record backlog, increased sales and earnings per share, and record operating cash flow. It also provides Raytheon's financial outlook for 2007 with projections for sales, earnings per share, operating cash flow, and return on invested capital.
The document provides earnings information for Raytheon Company for the fourth quarter and full year 2006. It summarizes key financial metrics including a 12% increase in sales and a 27% increase in EPS for Q4 2006. It also provides guidance for 2007, forecasting EPS between $2.85-$3.00.
The Progressive Corporation announced financial results for December 2004 and the fourth quarter of 2004. For December, net premiums written increased 32% to $1.135.5 million and net income increased 59% to $179.5 million. For the quarter, net premiums written rose 15% to $3.352.3 million and net income grew 16% to $413.5 million. The company also announced it would hold a conference call on March 3, 2005 to discuss its annual report.
unum group 1Q 08_Statistical_Supplement_Notesfinance26
The document is Unum Group's statistical supplement for the first quarter of 2008. It includes financial highlights showing metrics such as premium income, revenues, income, assets and equity. It also includes segment operating results, quarterly historical results by segment, financial results and statistics by business segment (Unum US, Unum UK, Colonial Life, etc.), reserves data, investment information and statutory basis financial information. The supplement provides detailed quarterly and annual financial information about Unum Group to analyze performance by business segment.
The Progressive Corporation reported its October 2005 results. Net premiums written increased 4% to $1.328 billion compared to October 2004. Net income decreased 46% to $75.4 million compared to the same period last year. The combined ratio was 94.2, a deterioration of 7.2 points from October 2004, due to $84.4 million in losses from Hurricanes Wilma and Katrina. Progressive provides auto insurance to personal and commercial drivers throughout the US.
The Progressive Corporation reported its November 2005 results. Net premiums written increased 5% to $986.3 million compared to November 2004. Net income decreased 11% to $83.3 million compared to the prior year. The combined ratio was 89.9%, a 0.3 point increase from November 2004. Progressive incurred losses of $4.2 million from Hurricane Wilma and $3 million from Hurricane Katrina in November, bringing its total losses from the storms to $76.6 million and $188.6 million, respectively.
The Progressive Corporation announced financial results for December 2006 and the full year 2006. For December, net income increased 13% to $138.9 million compared to December 2005. For the full year, net income increased 18% to $1.647 billion compared to 2005. The company also announced it would hold a conference call on March 2, 2007 to discuss annual results and file its annual report with the SEC.
The document is a statistical supplement from UnumProvident providing financial highlights and results for the first quarter of 2006. Some key details include:
- Premium income for the quarter was $1.97 billion, up slightly from $1.935 billion in the first quarter of 2005.
- Net income for the quarter was $73.4 million, down from $152.2 million in the first quarter of 2005, due to a $86 million claim reassessment charge.
- Total assets as of March 31, 2006 were $50.471 billion, down slightly from $50.836 billion at March 31, 2005.
- Albemarle Corporation's earnings presentation covered Q4 2008 results as well as full year 2008 results.
- Q4 2008 net sales were down 13.6% compared to Q4 2007, operating profit declined 122.7%, and net income declined 77.6%. Full year 2008 results saw net sales increase 5.6% while operating profit declined 28.7% and net income declined 15.5% compared to 2007.
- Results were negatively impacted by lower volumes across key end markets as well as increased raw material and energy costs. The company has taken steps to reduce costs and restructure operations.
- The document provides AES Corporation's third quarter 2006 financial review, including highlights and guidance updates.
- Key highlights include a 14% increase in revenues year-over-year due to higher prices and new projects. Gross margin increased 9% while income before taxes declined 114% due to losses on asset sales related to restructuring.
- Guidance for 2006 was updated, with revenue growth expected at 9-10% and adjusted EPS estimated at $1.09, up from the prior guidance of $1.01.
The document is a statistical supplement from UnumProvident for the third quarter of 2006 that includes financial highlights and statistics for the company. Some key details from the financial highlights include:
- For the third quarter of 2006, UnumProvident reported a net loss of $63.7 million compared to net income of $52.6 million for the same quarter the previous year.
- For the first nine months of 2006, UnumProvident reported net income of $134.9 million compared to $376.1 million for the same period in 2005.
- Total assets for UnumProvident as of September 30, 2006 were $52.2 billion, up slightly from $51.1 billion at
This document provides financial highlights and statistical data for Unum Group for the first quarter of 2007. Some key details include:
- Premium income was $1.944 billion for the first quarter of 2007, down slightly from $1.970 billion in the same period of 2006.
- Net income was $178.3 million for the first quarter of 2007, up significantly from $73.4 million for the first quarter of 2006.
- Total assets as of March 31, 2007 were $52.324 billion, up slightly from $50.471 billion as of March 31, 2006.
- The document provides segmented financial results and statistics for Unum US, Unum UK, Colonial, Individual
The Progressive Corporation held a conference call on November 10, 2005 to discuss its quarterly financial results. For the month of September 2005, Progressive reported a 6% increase in net premiums written and earned. Net income decreased 13% compared to September 2004. The combined ratio was 88.9%, up 0.8 percentage points from the prior year. Hurricane losses contributed to higher losses and loss adjustment expenses for the month.
The Progressive Corporation held a conference call on August 10, 2004 at 9:00am eastern time to address questions from shareholders regarding its quarterly report and Form 10-Q filing with the SEC. Progressive reported positive financial results for June 2004, with an 8% increase in net premiums written, 40% increase in net income, and 3.8 point decrease in combined ratio compared to June 2003. Progressive also saw increases in policies in force and net premiums written of 14% and 12%, respectively, for the first quarter of 2004 compared to the same period in 2003.
1. Progressive Corporation held a conference call on November 3, 2006 to address questions about its quarterly financial results.
2. In September 2006, Progressive reported a 32% increase in net income compared to September 2005. Earned premiums increased 1% and the combined ratio improved by 2 percentage points.
3. For the January-September 2006 period, Progressive reported a 12% increase in net income compared to the same period in 2005. Earned premiums increased 3% and the combined ratio improved by 3.1 percentage points.
Lear Corporation provided an update on its second-quarter 2005 financial results and full-year 2005 guidance. Key points include:
- Second-quarter net sales increased slightly but earnings declined significantly year-over-year due to lower production volumes, commodity cost pressures, and restructuring charges.
- Full-year 2005 guidance was lowered due to worse-than-expected industry production declines, higher restructuring costs, and unfavorable foreign exchange rates.
- Capital expenditures are expected to remain elevated in 2005 to support a record new product launch schedule before trending lower, while free cash flow will be negatively impacted by restructuring activities and timing of customer payments.
Goodrich Corporation reported fourth quarter and full year 2006 results on February 1, 2007. Some key highlights include:
- Fourth quarter 2006 sales grew 10% year-over-year with growth in all segments and major market channels. Segment operating margin increased from 11.2% to 12.5%.
- Net income per diluted share was $0.78, reflecting 39% growth over fourth quarter 2005.
- For the full year 2006, sales grew 9% year-over-year. Segment operating income increased 22% and margin increased 1.5% to 13.0%. Net income increased 83%.
- The company cautions that any forward-looking statements are subject to risks and uncertainties that could cause
- 3M reported strong financial results for the first quarter of 2006, with sales growth of 8.3% and EPS growth of 20.6% compared to the first quarter of 2005.
- All six of 3M's business segments saw operating income increases, led by the Safety, Security & Protection Services segment with a 30.3% increase.
- For the second quarter of 2006, 3M expects local currency sales growth of 5-8% and EPS between $1.14-$1.17, and for the full year expects local currency sales growth of 5.5-8% and EPS of $4.55-$4.65.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- Segment operating margins improved in all segments compared to third quarter 2005.
- The company initiated a $300 million share repurchase program to reduce dilution from equity compensation programs.
Goodrich Corporation reported third quarter 2006 results with the following highlights:
- Sales grew 5% year-over-year to $1.436 billion, with growth in all segments.
- Net income per diluted share was $0.80, a 63% increase from third quarter 2005.
- The company authorized a $300 million share repurchase program to reduce dilution from equity programs.
- Segment operating margins improved in all segments compared to third quarter 2005.
- DuPont reported second quarter 2006 earnings of $1.04 per share, up from $1.01 per share in second quarter 2005. Excluding significant items, earnings per share were $1.01, up 12% from $0.90 per share last year.
- Local prices were up 2% while volumes increased 1%, but currency effects reduced sales by 1%, for a total sales increase of 2%.
- The company expects strong earnings growth in the second half of 2006 compared to 2005, and reaffirms its full year 2006 earnings outlook.
The document provides financial results for Flagstar Bancorp for Q4 2008, including a net loss of $200.3 million compared to a net loss of $62.1 million in Q3 2008. It also discusses factors impacting results such as a $176.3 million provision for loan losses. Additionally, the document reviews historical trends in loan production, underwriting, locks, and closings which have declined significantly from 2007 levels.
The document provides earnings information for Raytheon Company for the fourth quarter and full year 2006. It summarizes key financial metrics including strong bookings, record backlog, increased sales and earnings per share, and record operating cash flow. It also provides Raytheon's financial outlook for 2007 with projections for sales, earnings per share, operating cash flow, and return on invested capital.
The document provides earnings information for Raytheon Company for the fourth quarter and full year 2006. It summarizes key financial metrics including a 12% increase in sales and a 27% increase in EPS for Q4 2006. It also provides guidance for 2007, forecasting EPS between $2.85-$3.00.
This document contains:
1) A summary of PPG Industries' third quarter 2006 financial results, including details on sales, earnings, and market indicators. Sales increased 10% overall with growth in all business segments. Earnings declined from the prior year.
2) Comments on key topics and outlook for 2006, including the economy, inflation, and volume trends by region and business segment.
3) An overview of how PPG Industries uses cash, including funding businesses and growth initiatives, paying dividends, and stock repurchases.
- Ford reported a net loss of $380 million for Q3 2007 compared to net income of $4.868 billion in Q3 2006. Revenue increased to $41.1 billion from $4 billion driven by higher wholesales.
- Ford North America reported a pre-tax loss of $1.021 billion, an improvement of $1.1 billion from 2006, due to higher volume and mix partially offset by increased costs.
- Ford Europe and South America were profitable in Q3 2007, while Premier Automotive Group reported a loss though substantially improved from 2006.
The document provides an overview of AES Corporation's financial results for the first quarter of 2006. Some key highlights include revenues increasing 13% to $3.013 billion compared to the same period in 2005, driven largely by higher prices and currency effects. Income before taxes and minority interest increased 68% to $633 million. Diluted earnings per share from continuing operations were $0.52 compared to $0.19 in the prior year. Segment results were positively impacted by higher demand and prices across most business lines.
George Buckley discusses innovation and growth at 3M. Some key points:
1) 3M had strong sales and earnings growth in Q1 2007, with all business posting sales increases.
2) Buckley outlines 3M's strategy of growing its core businesses, making complementary acquisitions, building new businesses, and focusing on international growth.
3) Buckley emphasizes the importance of innovation, efficiency gains, and focusing on customers to drive profitable growth.
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million compared to second quarter 2005.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- All business segments saw sales and operating income increases compared to second quarter 2005, driven by higher commercial airplane original equipment and aftermarket sales as well as cost improvements.
- Goodrich Corporation reported second quarter 2006 results, with sales growing 10% year-over-year and income from continuing operations increasing 30% to $81 million.
- The company raised its 2006 sales outlook to $5.75-5.85 billion and adjusted net income per diluted share outlook to $3.40-3.55 due to improved operational performance.
- Segment operating margins improved across all segments (Engine Systems, Airframe Systems, Electronic Systems), driven by higher commercial airplane original equipment and aftermarket sales as well as cost reductions.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
Ford reported its financial results for the fourth quarter and full year 2007. Key highlights include:
- Wholesales increased 1.6% in the fourth quarter but were down 6.5% for the full year.
- Fourth quarter revenue increased $5.3 billion but the company had a pre-tax loss of $620 million compared to a profit of $1.3 billion in 2006.
- For the full year, revenue increased $13.8 billion but the company had a pre-tax loss of $366 million compared to a profit of $2.3 billion in 2006.
- Cost reductions of $1.8 billion were achieved for the full year but special items negatively impacted results.
- Goodrich Corporation reported strong financial results for the fourth quarter and full year 2004, with sales and earnings growth.
- Segment operating income increased 17% in the fourth quarter compared to 2003, driven by sales increases in all reportable segments.
- Full year 2004 sales grew 8% over 2003 and segment operating income increased 56%.
- The company reduced long-term debt by $131 million in the fourth quarter and made an additional $78 million in pension contributions, maintaining a strong cash balance of $298 million at year-end.
- Goodrich Corporation reported strong financial results for the fourth quarter and full year 2004, with sales and earnings growth.
- Segment operating income increased 17% in the fourth quarter compared to 2003, driven by sales increases in all reportable segments.
- Full year 2004 sales grew 8% over 2003, with segment operating income increasing 56% due to higher volumes and efficiencies.
- The company reduced long-term debt by $131 million in the fourth quarter and continued strong cash generation with $298 million of cash on hand at year-end.
omnicom group Q2 2006 Investor Presentationfinance22
Omnicom Group presented its financial results for the second quarter of 2006. Revenue grew 7.9% to $2.8 billion compared to the second quarter of 2005. Net income increased 8.1% to $244.1 million. Organic revenue growth accounted for 7.2% of total revenue growth. The company has a $2.4 billion credit facility expiring in 2011 and $1.1 billion in cash, providing $3.5 billion in total liquidity. Acquisition expenditures for the first half of 2006 totaled $151 million. Future earn-out obligations over the next 5 years are estimated at $405 million assuming current performance levels are maintained.
This document provides consolidated financial highlights for Burlington Northern Santa Fe Corporation for the years 1991-1995. Some key points:
- Revenues grew from $4.559 billion in 1991 to $6.183 billion in 1995. Operating income improved from a loss of $239 million in 1991 to income of $526 million in 1995, excluding unusual merger-related charges.
- Net income was $92 million in 1995 but would have been $416 million without accounting changes and debt retirement costs related to the merger.
- Capital expenditures were $1.042 billion in 1995 and are planned to be nearly $1.7 billion in 1996 to support revenue growth and cost reduction initiatives.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
Burlington Northern Santa Fe Corporation reported earnings of $0.36 per diluted share for the first quarter of 2001, compared to $0.55 per diluted share for the same period in 2000. Freight revenues were $2.26 billion, up slightly due to a 4% increase in ton-miles. Operating expenses increased 7% to $1.87 billion due to higher fuel costs, severe winter weather, and increased energy costs. The operating ratio was 81.5% compared to 77.3% in 2000. Revenue from agricultural commodities increased 11% while industrial revenues declined 3% and coal revenues declined 1% compared to the first quarter of 2000.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
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OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Bridging the gap: Online job postings, survey data and the assessment of job ...
LEAR Q2 06
1. R
Second-Quarter Results and
Full-Year 2006 Financial Guidance
July 28, 2006
fast forward
advance relentlessly
1
2. Agenda
Financial Review
Jim Vandenberghe, Vice Chairman and CFO
–
Operating Review
Doug DelGrosso, President and COO
–
Summary and Outlook
Bob Rossiter, Chairman and CEO
–
Q and A Session
2
4. Second Quarter 2006
Highlights
Second-quarter financial results showed year-over-year
improvement; full year earnings guidance unchanged*
Signed definitive agreement to contribute European Interiors
business to JV with WL Ross & Co. LLC in return for a 34%
stake (subject to adjustment); Lear will record a loss on sale
of about $40 million when transaction closes; expected in
Third Quarter*
Received recognition for excellence in quality and service
from several major customers and industry sources
Continued to win new business with Asian manufacturers
Operating Results Are Improving And We Are Making
Progress On Strategic Initiatives*
4
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
5. Second Quarter 2006
Industry Environment
Second Quarter Second Quarter
2006 2006 vs. 2005
North America Production
Industry 4.1 mil Down 1%
Big Three 2.9 mil Down 1%
Lear's Top 15 Platforms 1.4 mil Down 2%
Europe Production
Industry 5.0 mil Down 4%
Lear's Top 5 Customers 2.5 mil Down 2%
Euro $1.25 / Euro 1% Weaker
Key Commodities
Steel (Hot Rolled) Up 6% Up 5%
Resins (Polypropylene) Up 6% Up 20%
Copper Up 35% Up 107%
Crude Oil Up 11% Up 30%
5
6. Second Quarter 2006
Financial Summary*
Second Second 2Q '06
(in millions, except net income per share) Quarter 2006 Quarter 2005 B/(W) 2Q '05
Net Sales $4,810.2 $4,419.3 $390.9
Income Before Interest, Other Expense and
Income Taxes* $110.3 $30.0 $80.3
Margin 0.7% 1.6 pts.
2.3%
Pretax Income (Loss) $31.5 ($50.4) $81.9
Net Loss ($6.4) ($44.4) $38.0
Net Loss Per Share ($0.10) ($0.66) $0.56
SG&A % of Net Sales 3.6% 4.3% 0.7 pts.
Interest Expense $53.2 $48.2 ($5.0)
Depreciation / Amortization $103.5 $95.7 ($7.8)
Other Expense, Net $25.6 $32.2 $6.6
6
* Please see slides titled “Use of Non-GAAP Financial Information” at the end of this presentation for further information.
7. Second Quarter 2006
Restructuring and Special Items
Second Quarter
Memo:
Income Before
Interest, Other Pretax
Expense and Income
(in millions) Income Taxes* (Loss) Income Statement Category
Other
(Income)
COGS SG&A
$ 110.3 $ 31.5
2006 Reported Results
Reported results include the following items:
$ 18.9 $ 14.9 $ (4.0)
$ 14.1 $ 4.8
Costs for Global Restructuring Actions
7.2 7.2 7.2 - -
Asset Impairment for N.A. Interiors Business
2.9 2.9 - 2.9 -
Goodwill Impairment in Interior Segment**
- (1.0) (1.0)
- -
Gain on Prior Sale of Interest in Receptec JV
$ 139.3 $ 55.5
2006 Core Operating Results
2005 Core Operating Results $ 87.1 $ 29.1
* Please see slides titled “Use of Non-GAAP Financial Information” at the end of this presentation for further information.
** Reflects $21 million settlement of tax indemnity claim related to the Company’s 1999 acquisition of UT Automotive, a portion
7
of which was attributable to goodwill in the Interior segment.
8. Second Quarter 2006
Net Sales Changes and Margin Impact Versus Prior Year
Net Sales Margin
Performance Factor Change Impact Comments
(millions)
Industry Production / $ (280) Negative Primarily unfavorable platform mix,
Platform Mix / Net Pricing reflecting lower pickup truck and mid-size
SUV production.
Global New Business 645 Positive 2005 launches ramping up: DTS /
Lucerne, Impala / Monte Carlo, Fusion /
Milan / Zephyr, Ram, Sonata, Punto
F/X Translation 25 Neutral Euro down 1%, Canadian dollar up 11%
Commodity / Raw Material Negative Unfavorable year over year increases--
steel up 5%, polypropylene up 20%,
copper up 107% and crude oil up 30%
Performance Positive Reflects operating improvements in core
businesses, including benefits from
restructuring actions
8
9. Second Quarter 2006
Segment Results
2Q '06 2Q '05 Comments
Seating
Net Sales $ 3,096.1 $ 2,879.9 ■ Strong new business globally
Segment Earnings* $ 171.5 $ 48.5 ■ Improved Asian profitability
■ Net cost improvements
% of Sales 5.5 % 1.7 %
Adjusted % of Sales** 5.7 % 3.2 %
Electronic and Electrical
Net Sales $ 787.7 $ 772.4 ■ Higher commodity costs
Segment Earnings* $ 38.0 $ 52.2 ■ Competitive price pressure
■ Transition to low-cost locations
% of Sales 4.8 % 6.8 %
Adjusted % of Sales** 6.4 % 8.1 %
Interior
Net Sales $ 926.4 $ 767.0 ■ Insufficient pricing
Segment Earnings* $ (37.2) $ (17.8) ■ High raw material costs
■ Inefficiencies related to major
% of Sales (4.0) % (2.3) %
launches & capacity utilization
Adjusted % of Sales** (2.7) % (1.9) %
* Segment earnings represent income (loss) before interest, other (income) expense and income taxes. Income before interest, other
expense and income taxes for the Company was $110.3 million and $30.0 million for the second quarter of 2006 and 2005, respectively.
** Adjusted % of sales excludes restructuring and other costs of $28.5 million (Seating - $3.6, Electronic and Electrical - $12.8, Interior -
$12.1) in second quarter 2006 and $56.3 million (Seating - $42.9, Electronic and Electrical - $10.2, Interior - $3.2) in second quarter
9
2005.
10. Second Quarter 2006
Free Cash Flow*
(in millions)
Second Quarter
2006
Net Loss $ (6.4)
Depreciation / Amortization 103.5
Working Capital / Other (4.2)
Cash from Operations $ 92.9
Capital Expenditures (92.1)
$ 0.8
Free Cash Flow
* Free Cash Flow represents net cash provided by operating activities ($74.8 million for the three months ended 7/1/06) before net
change in sold accounts receivable ($18.1 million for the three months ended 7/1/06) less capital expenditures. Please see
slides titled “Use of Non-GAAP Financial Information” at the end of this presentation for further information.
10
11. 2006 Guidance
Key Assumptions*
2006 Guidance 2006 vs. 2005
North America Production
Industry ≈ 15.7 mil down slightly
Lear's Top 15 Platforms ≈ 5.0 mil down about 5%
Lear Launches high down from 2005 peak
Europe Production
Industry ≈ 19.0 mil about flat
Lear's Top 5 Customers ≈ 9.5 mil about flat
Lear Launches moderate about the same
Euro $1.25 / Euro no change
11
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
12. 2006 Guidance
Key Factors Impacting Our Second Half Outlook
North American production turns less favorable:
– Industry forecast to be down 3%
(vs. 2% increase in first half)
– Lear’s top 15 platforms expected to be down 7%
(vs. 2% decline in first half)
European production environment unchanged
Raw material & energy prices stabilize
Launch-related cost impact turns favorable
Restructuring actions yield increasing net benefits
12
13. 2006 Guidance
Key Financial Projections*
2005 2006 Guidance
(in m illions)
Net Sales $17,089 ≈ $18,000
Core Operating Earnings $325 $400 - 440
Incom e before interest, other expense,
incom e taxes, im pairm ents, restructuring
costs and other special item s
Interest Expense $183 $220 - 230
Pretax Income $97 $120 - 160
before im pairm ents, restructuring costs
and other special item s
Cash Taxes $113 $80 - 100
Pretax Restructuring Costs $103 $120 - 150
Major Change Is $300 Million Increase In Net Sales,
Reflecting Primarily Revised Euro Assumption
* Pretax loss for 2005 was $1,187 million. Please see slides titled “Use of Non-GAAP Financial Information” and “Forward-Looking Statements”
13
at the end of this presentation for further information.
14. 2006 Guidance
Capital Spending Forecast*
(in millions)
$568
Capital Spending Impacts:
Capital Spending Impacts:
More moderate launch
More moderate launch
≈ $400
schedule in 2006
schedule in 2006
Spending for common
Spending for common
architecture strategy, such as
architecture strategy, such as
Lear Flexible Seating, largely
Lear Flexible Seating, largely
in place
in place
Low-cost country spending
Low-cost country spending
moderates
moderates
2005 2006 Guidance
Memo:
Depreciation
$410 to $420
$ 393
and Amortization
Capital Spending Level Should
Trend Lower On An Ongoing Basis
14
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
15. 2006 Guidance
Free Cash Flow Forecast*
(in millions)
Cash Flow Drivers:
Cash Flow Drivers:
Higher earnings
Higher earnings
$500
Lower capital spending
Lower capital spending
Reduced tooling and
Reduced tooling and
$50 - $100
engineering
engineering
Improved net working capital
$0
Improved net working capital
($419)
($500)
2006 Guidance
2005
* Net cash provided by operating activities for 2005 was $561 million. Please see slides titled “Use of Non-GAAP Financial Information” and
“Forward-Looking Statements” at the end of this presentation for further information. 15
16. 2006 Guidance
Strategy For Interior Segment*
Signed Definitive Agreement to Contribute Substantially all of Lear’s
European Interior Business to International Automotive Components
Group, LLC in Return for a 34% Stake:
– Creates a large [20 manufacturing facilities in 9 countries, with
$1.2 billion in annual sales] and well capitalized enterprise
– Solid platform for improving ongoing operating efficiency and
financial performance
– Expected to close in the Third Quarter
Working Aggressively to Restructure Operations and Put in Place a
New Business Model for Lear’s North American Interior Business:
– Cash flow expected to be neutral in Second Half
– Continuing to evaluate strategic alternatives
Making Solid Progress On Restructuring And
Strategically Repositioning Interiors Business
16
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
18. Operating Priorities
Customer Focus
Customer Focus
Superior Quality and Service
Competitiveness //Operational Excellence
Competitiveness Operational Excellence
Global Restructuring Actions
Competitive Global Footprint
Efficient Launch Execution
Sales Growth and Customer Diversification
Sales Growth and Customer Diversification
Innovation and Technology
New Asian Business
18
19. Operating Priorities
Maintain Quality and Customer Service Momentum
Customer
General Motors--Supplier of the Year for Seating Systems (Global)
Ford Motor Company--Special Recognition for Customer Service (Global)
--Special Recognition for Design Engagement (Europe)
Toyota--Superior Logistics Performance (Argentina)
Mazda--Value Engineering Award for Number of Ideas Submitted (Japan)
Volkswagen--Excellence in Quality and Product Development (Mexico)
--Best Quality and Among Top Three in Cost Reduction (Brazil)
Industry
Auto Interiors Show--Lear Content on all Six ‘Interior of the Year’ Winning
Vehicles (United States)
Industry Week Magazine--Lear’s Liberty, Missouri plant among Finalists for
Best Plant Award (North America)
DLC Design--4.7 Rating (out of 5) for Lear Audio System in the BMW 530i
(2006 SAE World Congress)
19
20. Operating Priorities
Continue to be a Leader in Seat Quality
Things Gone Wrong (TGW) Lear’s 2006 J.D. Power Results
per 100 vehicles
Same Excellent Performance in TGW
35%
Im
35% improvement since 1999
prove
ment
10.3
Lear leads in 2 out of 5 Major Vehicle
9.5
8.3
Segments for Best Quality Seats:
7.9
7.0 7.1 6.7 6.7
– Best Light Truck Seat Quality--
Ford F-150
– Best European Seat Quality--
Saab 9-3 Sedan
1999 2000 2001 2002 2003 2004 2005 2006
Source: 2006 J.D. Power Seat Quality Report
Highest Quality Major Seat Manufacturer In U.S.
20
21. Operating Priorities
Implement Restructuring Actions*
Cumulative Actions
2006 Cost and Cash Impact
Announced closure of nine
(in millions) Pretax
manufacturing facilities and
Cost Cash
several administrative offices
Targeting closure of five to
First Quarter $ 25 $ 25
seven additional manufacturing
Second Quarter 15 17
facilities
First Half $ 40 $ 42
Implementing census
Second Half $ ≈ 80 - 110 $ ≈ 80 - 110
reductions and other efficiency
actions
$ ≈ 120 - 150 $ ≈ 125 - 155
Total
Objectives Are To Eliminate Excess Capacity,
Streamline Organizational Structure
And Accelerate Manufacturing Footprint Actions
21
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
22. Operating Priorities
Competitive Global Footprint
Legend for Product Examples
Wire Harness……WH
Trim Cover……….TC
Interior Trim………IT
Eastern Europe
Czech Republic [WH, IT]
Estonia
Hungary [WH, TC]
Poland [WH, TC, IT]
Romania [WH]
Russia Asia
Slovakia [IT] China [WH, TC, IT]
Slovenia India [IT]
Turkey [WH, TC] Philippines [WH]
South Korea [TC]
Africa
Central America Taiwan
Morocco [WH]
Mexico [WH, TC, IT] Thailand [TC]
S. Africa [WH]
Honduras [WH]
Tunisia [WH]
South America
Argentina [WH, IT]
Brazil [TC, IT]
Venezuela
Today, About 30% Of Lear’s Components Come From
23 Low-Cost Countries; Target Is 40% By 2010*
22
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
23. Operating Priorities
Efficiently Manage Product Launch Schedule
% of North American Sales on Platforms
Undergoing Changeover to New Models
≈ 50%
≈ 40%
≈ 25%
2004 2005 2006
Global Launch Activity Peaked In 2005, As Half Of Our
North American Sales Were Undergoing Changeover 23
24. Operating Priorities
Driving Innovation and Technology
Launched New Core
Dimension Product Strategy
and Advertising Campaign
Opened New Global Innovation and
Technology Center in Southfield, MI
24
25. Operating Priorities
Innovative Product Solutions--Car2UTM
Home Automation System
Two-Way Remote Keyless Entry
Leveraging Lear’s Radio Frequency Expertise
To Launch A Family Of Car2UTM Wireless Products
25
26. Operating Priorities
Win New Asian Business*
Lear
Automaker Market Business Vehicle
Nissan Europe Est. Tacle JV in New Compact
Sunderland, U.K. with Crossover and
Tachi-S Future Programs
Honda U.S. Wiring Accord
Nanjing Group China Seating Rover
BMW China Seating and 5-Series
Entertainment System
Nissan China Seating P32L
Various Chinese China Primarily Seating Numerous
and Electrical Programs
Tata Motors India Seating X-2
Continuing To Win New Business In Asia
And With Asian Manufacturers Globally
26
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
28. Summary and Outlook
Lear Financial Results Improving*
Second-quarter and first half operating results better than
a year ago
Launch costs expected to moderate in second half
Capital spending returning to more moderate levels
Free cash flow expected to turn positive this year
Given the production outlook and raw material price
forecast we see today, we are holding our full year 2006
earnings guidance unchanged
First Half Results Better Than A Year Ago,
Targeting Improvement In Full Year Operating Results
28
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
29. Summary and Outlook
Improving our Global Competitiveness*
Continuously improving our quality and customer
satisfaction levels
Successfully implementing global restructuring initiatives
Increasing sourcing and engineering from low-cost
locations
Strategically managing the business to improve individual
product-line returns
Leveraging our global scale, expertise and common
architecture strategy to deliver the best overall value
Comprehensive Initiatives Being Implemented
To Ensure Future Competitiveness
29
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
30. Summary and Outlook
Making Progress on Strategic Priorities*
Global Seating margins improving
Plans in place to maintain Electronic and Electrical margins
Signed definitive agreement to contribute European Interior
business to International Automotive Components Group, LLC
Priority focus on improving our North American Interior
business and putting in place a sustainable business model
Continuing to aggressively grow sales in Asia and with Asian
Automakers globally
Lear’s Operating Results Improving;
Longer-Term Outlook Remains Positive
30
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
31. R
R
ADVANCE RELENTLESSLY™
LEA
Listed
www.lear.com
NYSE 31
32. Use of Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”) included
throughout this presentation, the Company has provided information regarding certain non-GAAP financial measures. These measures
include “income before interest, other expense and income taxes,” “income before interest, other expense, income taxes, impairments,
restructuring costs and other special items” (core operating earnings), “pretax income before impairments, restructuring costs and other
special items” and “free cash flow.” Free cash flow represents net cash provided by operating activities before the net change in sold
accounts receivable, less capital expenditures. The Company believes it is appropriate to exclude the net change in sold accounts
receivable in the calculation of free cash flow since the sale of receivables may be viewed as a substitute for borrowing activity.
Management believes that the non-GAAP financial measures used in this presentation are useful to both management and investors in their
analysis of the Company’s financial position and results of operations. In particular, management believes that income before interest, other
expense and income taxes, core operating earnings and pretax income before impairments, restructuring costs and other special items are
useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core
operating earnings or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also
believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and
provide improved comparability between fiscal periods. Management believes that free cash flow is useful to both management and
investors in their analysis of the Company’s ability to service and repay its debt. Further, management uses these non-GAAP financial
measures for planning and forecasting in future periods.
Income before interest, other expense and income taxes, core operating earnings, pretax income before impairments, restructuring costs
and other special items and free cash flow should not be considered in isolation or as substitutes for net income (loss), pretax income (loss),
cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP or as
measures of profitability or liquidity. In addition, the calculation of free cash flow does not reflect cash used to service debt and therefore,
does not reflect funds available for investment or other discretionary uses. Also, these non-GAAP financial measures, as determined and
presented by the Company, may not be comparable to related or similarly titled measures reported by other companies.
Set forth on the following slides are reconciliations of these non-GAAP financial measures to the most directly comparable financial
measures calculated and presented in accordance with GAAP. Given the inherent uncertainty regarding special items and the net change
in sold accounts receivable in any future period, a reconciliation of forward-looking financial measures is not feasible. The magnitude of
these items, however, may be significant.
32
33. Use of Non-GAAP Financial Information
Income before interest, other expense and income
taxes Q2 2006 Q2 2005
(in millions)
Income (loss) before income taxes $ 31.5 $ (50.4)
Interest expense 53.2 48.2
Other expense, net 25.6 32.2
Income before interest, other expense and income
taxes $ 110.3 $ 30.0
33
34. Use of Non-GAAP Financial Information
Income before interest, other expense, income taxes,
impairments, restructuring costs and other special
items 2005 Q2 2005
(in millions)
Loss before provision for income taxes $ (1,187.2) $ (50.4)
Goodwill impairment charges 1,012.8 -
Interest expense 183.2 48.2
Other expense, net 96.6 32.2
Restructuring actions 106.3 27.1
Fixed asset impairment charges 82.3 -
Litigation charges 30.5 30.0
Income before interest, other expense, income taxes,
impairments, restructuring costs and other special items
(Core Operating Earnings) $ 324.5 $ 87.1
34
35. Use of Non-GAAP Financial Information
Pretax income before impairments, restructuring
costs and other special items 2005 Q2 2005
(in millions)
Loss before provision for income taxes $ (1,187.2) $ (50.4)
Goodwill impairment charges 1,012.8 -
Restructuring actions 102.8 27.1
Fixed asset impairment charges 82.3 -
Litigation charges 39.2 35.5
Sale and capital restructuring of joint ventures 46.7 16.9
Pretax income before impairments, restructuring costs and
other special items $ 96.6 $ 29.1
35
36. Use of Non-GAAP Financial Information
Free Cash Flow Q2 2006 2005
(in millions)
Net cash provided by operating activities $ 74.8 $ 560.8
Net change in sold accounts receivable 18.1 (411.1)
Net cash provided by operating activities
before net change in sold accounts receivable
$ 92.9 $ 149.7
(cash from operations)
Capital expenditures (92.1) (568.4)
$ 0.8 $ (418.7)
Free cash flow
36
37. Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding anticipated financial results and liquidity. Actual results may differ materially from
anticipated results as a result of certain risks and uncertainties, including but not limited to, general economic conditions in
the markets in which the Company operates, including changes in interest rates or currency exchange rates, fluctuations
in the production of vehicles for which the Company is a supplier, labor disputes involving the Company or its significant
customers or suppliers or that otherwise affect the Company, the Company's ability to achieve cost reductions that offset
or exceed customer-mandated selling price reductions, the outcome of customer productivity negotiations, the impact and
timing of program launch costs, the costs and timing of facility closures, business realignment or similar actions, increases
in the Company's warranty or product liability costs, risks associated with conducting business in foreign countries,
competitive conditions impacting the Company's key customers and suppliers, raw material costs and availability, the
Company's ability to mitigate the significant impact of increases in raw material, energy and commodity costs, the
outcome of legal or regulatory proceedings to which the Company is or may become a party, unanticipated changes in
cash flow, including the Company’s ability to align its vendor payment terms with those of its customers, the finalization of
the Company's restructuring strategy, the outcome of various strategic alternatives being evaluated with respect to its
Interior segment and other risks described from time to time in the Company's Securities and Exchange Commission
filings. In particular, the Company’s financial outlook for 2006 is based on the Company’s current vehicle production and
raw material pricing forecast; the Company’s actual financial results could differ materially as a result of significant
changes in these factors. The Company's agreement to contribute its European Interiors business to International
Automotive Components Group, LLC is subject to various conditions, including third-party consents and other closing
conditions customary for transactions of this type. No assurances can be given that the proposed transaction will be
completed on the terms contemplated or at all.
The forward-looking statements in this presentation 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.
37