Slide 1: First Quarter 2009 Results
May 14, 2009 First Quarter 2009 Results Exhibit 99.2
Slide 2: Agenda
Agenda First Quarter 2009 Results Matt Simoncini, SVP and CFO Summary and Outlook Bob Rossiter, Chairman, CEO and President Q and A Session
Slide 3: First Quarter 2009 Results
First Quarter 2009 Results
Slide 4: Lear Overview
First Quarter 2009 Lear Overview Very challenging production environment globally Net sales of $2.2 billion, down 44% from a year ago Core operating earnings* of negative $67 million Accelerated global restructuring and cost reduction efforts 68% of net sales generated outside of North America Cash
Slide 5: Business Environment
Business Environment* Difficult business conditions continue globally Major weakness is in North America, where U.S. automotive industry sales rates have stabilized in the 9.5 million unit range, compared with about 15 million units a year ago Significant plant downtime in North America scheduled fo
Slide 6: Global Industry Production Environment
First Quarter 2009 Global Industry Production Environment
Slide 7: Lear Financial Summary
First Quarter 2009 Lear Financial Summary* Major Factors Impacting First Quarter 2009 Results Significant production declines in North America and Europe Restructuring charges of $115 million Significant charge related to major customer action Other costs related to continued census reductions and f
Slide 8: Reported Financials
First Quarter 2009 Reported Financials* * Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information.
Slide 9: Impact of Restructuring and Other Special Items
First Quarter 2009 Impact of Restructuring and Other Special Items* * Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information. First Quarter
Slide 10: Net Sales Changes and Margin Impact
First Quarter 2009 Net Sales Changes and Margin Impact
Slide 11: Business Segment Results
First Quarter 2009 Business Segment Results*** ($ in millions) * Reported segment earnings represents pretax income (loss) before interest and other expense. ** Adjusted segment earnings and margin exclude restructuring costs and other special items. *** Please see slides titled "Non-GAAP Financial
Slide 12: Free Cash Flow
First Quarter 2009 Free Cash Flow* (in millions) * Free cash flow represents net cash used in operating activities ($336.8 million for the three months ended 4/4/09) before net change in sold accounts receivable ($138.5 million for the three months ended 4/4/09) (Cash from Operations), less capital
Slide 13: Update on Company's Capital Structure
Update on Company's Capital Structure* Lear and its lenders under the primary credit facility agreed to extend the waiver of covenant defaults through June 30th The Company recognizes that it needs to address its debt structure Lear has a strong liquidity position with $1.2 billion in cash and cash
Slide 14: Summary and Outlook
Summary and Outlook
Slide 15: Summary and Outlook
Summary and Outlook* Business conditions continue to be very challenging globally We are following a lean operating structure and a targeted investment strategy We are accelerating and expanding restructuring and cost reduction actions At the same time, we are maintaining our focus on operating prio
Slide 16: www.lear.com LEA NYSE Listed
www.lear.com LEA NYSE Listed R
Slide 17: 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 "pretax income (loss) before interest and other expense," "pretax income (loss) before i
Slide 18: Non-GAAP Financial Information: Core Operating Earnings
Non-GAAP Financial Information Core Operating Earnings
Slide 19: Non-GAAP Financial Information: Segment Earnings
Non-GAAP Financial Information Segment Earnings
Slide 20: Non-GAAP Financial Information: Adjusted Segment Earnings
Non-GAAP Financial Information Adjusted Segment Earnings
Slide 21: Non-GAAP Financial Information: Cash from Operations and Free Cash Flow
Non-GAAP Financial Information Cash from Operations and Free Cash Flow
Slide 22: Forward-Looking Statements
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