SECURITIES AND EXCHANGE COMMISSION
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Section 8 – Other Events
Item 8.01 Other Events.
On May 19, 2022, Lear Corporation (the “Company”) announced that on May 19, 2022, its Board of Directors approved the declaration of a $0.77 per share quarterly cash dividend on the Company’s common stock and extended the Company’s share repurchase authorization until December 31, 2024.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
|Exhibit No.|| |
|99.1||Press Release issued May 19, 2022.|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document).|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May 19, 2022
|Name:||Jason M. Cardew|
|Title:||Senior Vice President and Chief Financial Officer|
FOR IMMEDIATE RELEASE
Lear Declares Quarterly Cash Dividend and
Extends Share Repurchase Authorization
SOUTHFIELD, Mich., May 19, 2022 Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that its Board of Directors has declared a quarterly cash dividend of $0.77 per share on the Companys common stock. The dividend is payable on June 29, 2022 to shareholders of record at the close of business on June 10, 2022.
In addition, the Board of Directors has authorized a two-year extension of the Companys share repurchase authorization to December 31, 2024. At the end of the first quarter of 2022, Lear had approximately $1.3 billion remaining under its share repurchase authorization. Since the Company began its share repurchase and dividend programs in 2011, Lear has returned approximately $5.9 billion to shareholders, including the repurchase of approximately 50% of the Companys shares outstanding as of the commencement of its share repurchase program.
Lear may implement share repurchases through a variety of methods, including open market purchases, accelerated share repurchase programs and structured repurchase transactions. The timing and amount of any share repurchases will be determined based on prevailing financial, market and industry conditions.
About Lear Corporation
Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lears diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks 179 on the Fortune 500. Further information about Lear is available at lear.com or on Twitter @LearCorporation.
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