What were the key takeaways from Lear's earnings call?

What is the market's earnings forecast for Lear next quarter?

What does Lear do and what are its main business segments?

Did Lear beat or miss consensus estimates last quarter?

What guidance did Lear's management provide for the next earnings period?

What is Lear's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Lear year over year?

What factors drove the changes in Lear's revenue and profit?

- **Revenue Resilience**: Q3 revenue of $5.7 billion (+2% YoY) outperformed expectations, despite a $111 million JLR disruption.
- **Cash Flow Strength**: Operating cash flow of $444 million (142% YoY growth) and free cash flow guidance raised to $500 million.
- **Backlog Growth**: 2026-2027 backlog of $1.2 billion reflects new business wins in China and North America.
- **Strategic Investments**: $70 million annual savings from automation and $100 million share buybacks in 2025.

**【CEO Summary Section】**
- Lear reported Q3 2025 revenue of $5.7 billion, up 2% year-over-year, driven by North American and Chinese production growth.
- Core operating earnings were $241 million, with adjusted EPS of $2.79 and operating cash flow of $444 million, one of the highest on record.
- The company raised its full-year free cash flow outlook to $500 million, reflecting $100 million in share buybacks and $25 million in restructuring savings.
- Strategic initiatives like the Palantir fellowship program and automation investments are expected to deliver $70 million in annual savings by 2026.

**【CFO Financial Commentary】**
- Q3 GAAP net income was $420 million, with Non-GAAP EPS of $2.79 exceeding expectations.
- Operating cash flow improved 142% year-over-year to $444 million, driven by working capital management and lower capital spending.
- Full-year revenue guidance was raised to $23 billion, with core operating earnings maintained at $1.025 billion despite a $111 million impact from the JLR production disruption.
- Free cash flow is now expected to reach $500 million, up $30 million from prior guidance, reflecting disciplined capital allocation.

**【Q&A Key Highlights】**
- **JLR Disruption Impact**: The JLR cybersecurity incident reduced Q3 revenue by $111 million and core operating earnings by $31 million. Production is expected to resume by end of November.
- **Backlog Visibility**: 2026-2027 backlog is $1.2 billion, with 50% in Seating and 50% in E-Systems, excluding canceled programs.
- **Onshoring Opportunities**: Lear is in advanced discussions with a North American automaker for a significant U.S. production expansion, with potential 2027 impact.
- **Buyback Strategy**: $300 million in share repurchases planned for 2025, with $100 million executed in Q3 and additional purchases expected in Q4.

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