Lear Corporation announced unaudited consolidated earnings results for the fourth quarter and twelve months ended December 31, 2017. For the quarter, the company reported net sales of $5,363.8 million compared to $4,643.5 million a year ago. Consolidated income before income taxes and equity in net income of affiliates was $367.3 million compared to $308.1 million a year ago. Consolidated net income was $420.4 million compared to $248.5 million a year ago. Net income attributable to the company was $400.5 million or $5.80 per diluted share compared to $229.9 million or $3.24 per diluted share a year ago. Adjusted net income attributable to the company was $300.4 million or $4.38 per share compared to $270.1 million or $3.80 per share a year ago. Adjusted core operating earnings were $441.1 million compared to $385.6 million a year ago.

For the twelve months, the company reported net sales of $20,467.0 million compared to $18,557.6 million a year ago. Consolidated income before income taxes and equity in net income of affiliates was $1,526.7 million compared to $1,338.3 million a year ago. Consolidated net income was $1,380.9 million compared to $1,040.5 million a year ago. Net income attributable to the company was $1,313.4 million or $18.59 per diluted share compared to $975.1 million or $13.33 per diluted share a year ago. Adjusted net income attributable to the company was $1,177.8 or $17.00 per share million compared to $1,026.3 million or $14.03 per share a year ago. Adjusted core operating earnings were $1,719.0 million compared to $1,534.8 million a year ago.

The company provided production and earnings guidance for the year 2018. The company's 2018 financial outlook is based on a global industry production assumption of 95.1 million vehicles, up 2% from 2017. On a regional basis, vehicle production is forecasted to be 17.4 million units in North America, up 2%, 23.4 million units in Europe and Africa, up 2%, and 26.5 million units in China, up 1%.

Sales in 2018 are expected to be in the range of $21.4 to $21.6 billion, and core operating earnings are expected to be in the range of $1,750 million to $1,775 million. Net cash provided by operating activities is estimated to be $1.8 billion, and free cash flow is expected to be more than $1.2 billion. The company's effective tax rate on an adjusted basis is expected to be approximately 22%. Adjusted net income is expected to be in the range of $1,230 million to $1,250 million. Pretax operational restructuring costs are estimated to be $65 million, capital expenditures are expected to be $630 million and depreciation and amortization expense is estimated to be $480 million.