Slide 1: Second Quarter Financial Results
1 1 Second Quarter Financial Results August 3, 2010 Exhibit 99.2
Slide 2: Agenda
2 Agenda Company Highlights and Updated Sales Backlog Bob Rossiter, Chairman, CEO and President Second Quarter Financial Results and Revised 2010 Outlook Matt Simoncini, SVP and CFO Summary Bob Rossiter, Chairman, CEO and President Q and A Session
Slide 3: Second Quarter 2010 Company Highlights
3 Second Quarter 2010 Company Highlights* Strong Operating Momentum Continues Core operating earnings improved for the 5th consecutive quarter Margins increased in both business segments Substantial free cash flow generation Full Year 2010 Outlook Improves Increasing full year core operating earning
Slide 4: 2011-2013 Consolidated Sales Backlog
4 * For a definition of sales backlog and the underlying backlog development assumptions, please see slide titled "Forward-Looking Statements" at the end of this presentation. By Product: Seating -- 55% Electrical Power Management Systems -- 45% By Region: North America -- $900M Europe -- $500M Asia
Slide 5: Second Quarter Financial Results and Revised 2010 Outlook
5 Second Quarter Financial Results and Revised 2010 Outlook
Slide 6: Second Quarter 2010 Lear Financial Summary
6 Industry production improved vs. 2nd quarter 2009: Global production up 29% North America up 73%; Europe up 11%; China up 24% Net sales of $3.0 billion, up 33% from a year ago Core operating earnings of $190 million vs. negative $53 million a year ago Fourth consecutive quarter of year-over-year i
Slide 7: Second Quarter 2010 Global Vehicle Production
7 Source: Ward's Automotive and CSM Worldwide Second Quarter 2010 Global Vehicle Production Units (in millions)
Slide 8: Second Quarter 2010 Reported Financials
8 Second Quarter 2010 Reported Financials* * Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information.
Slide 9: Second Quarter 2010 Impact of Restructuring and Other Special Items
9 * Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information. Second Quarter 2010 Impact of Restructuring and Other Special Items*
Slide 10: Second Quarter 2010 Adjusted Segment Results
10 ** Reported segment earnings represents pretax income (loss) before interest and other (income) expense. Adjusted segment earnings represents reported segment earnings adjusted for restructuring costs and other special items. Seating Margins Second Quarter 2010 Adjusted Segment Results* Electrica
Slide 11: Second Quarter 2010 Free Cash Flow
11 (in millions) * Free cash flow represents net cash provided by operating activities less capital expenditures. Please see slides titled "Non-GAAP Financial Information" at the end of this presentation for further information. Second Quarter 2010 Free Cash Flow*
Slide 12: Status of Lear Share Count
12 Status of Lear Share Count* Number of Shares Common Stock 48.1 million Preferred Stock 3.2 million Warrants 2.0 million Management Restricted Stock Units (vest through Feb. 2013) 1.3 million Total Shares, assuming full conversion/exercise/vesting 54.6 million Preferred Stock Convertible into Comm
Slide 13: Status of Lear's Global Tax Attributes
13 Lear's global tax attributes are now estimated to be in excess of $1.0 billion, including: $800 million related to tax loss carryforwards, with about half in the U.S. and $220 million related to tax credit carryforwards, with about 90% in the U.S. Lear's global tax attributes can offset approxima
Slide 14: Revised Full Year 2010 Vehicle Production and Currency Outlook
14 Source: Ward's Automotive, CSM Worldwide and Company estimates Revised Full Year 2010 Vehicle Production and Currency Outlook* Units (in millions) * Please see slide titled "Forward-Looking Statements" at the end of this presentation for further information.
Slide 15: Revised Full Year 2010 Financial Outlook
15 * Please see slides titled "Non-GAAP Financial Information" and "Forward-Looking Statements" at the end of this presentation for further information. Revised Full Year 2010 Financial Outlook*
Slide 16: Summary
Q ear. Summary
Slide 17: Positive Sales And Earnings Momentum Continues
17 Second quarter sales up 33% and core operating earnings improved for the 5th consecutive quarter Strong liquidity position with cash of $1.4 billion and total debt of $721 million Increased 2010 financial outlook: Core operating earnings of $450 to $500 million Free cash flow of $225 to $275 mill
Slide 18: www.lear.com
18 18 www.lear.com LEA NYSE Listed R
Slide 19: Non-GAAP Financial Information
19 19 19 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 (income) expense," "pretax inco
Slide 20: Non-GAAP Financial Information: Core Operating Earnings
20 20 20 Non-GAAP Financial Information Core Operating Earnings
Slide 21: Non-GAAP Financial Information: Segment Earnings
21 21 21 Non-GAAP Financial Information Segment Earnings
Slide 22: Non-GAAP Financial Information: Adjusted Segment Earnings
22 22 22 Non-GAAP Financial Information Adjusted Segment Earnings
Slide 23: Forward-Looking Statements
23 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. The words "will," "may," "designed to," "outlook," "believes," "