PLYMOUTH, Mich., Aug. 6, 2024
/PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive
seating, today announced its third quarter 2024 financial
results.
- Q3 GAAP net loss and EPS diluted of $(11)M and $(0.12),
respectively; Q3 Adj.-EPS diluted of $0.32
- Q3 Adj.-EBITDA of $202M —
quarterly results impacted by lower customer production
- Gross debt and net debt totaled ~$2.5B and ~$1.6B,
respectively, at June 30, 2024; cash
and cash equivalents of $890M at
June 30, 2024
- Generated free cash flow (operating cash flow less capex) of
$88M
- Executed $75M of share
repurchases, retiring ~2.6M shares in the quarter; year to date
share repurchases total $225M and
~7.1M shares. Approximately 8% of outstanding shares were
repurchased in the first 9 months of FY24
- The company provided an update to its FY24 outlook, recognizing
the impacts of lower vehicle production expectations
For complete details and to see reconciliations of non-GAAP
measures to their most directly comparable GAAP measures, visit the
events section of the Adient investor website at
www.investors.adient.com/events-and-presentations/events to
download the full press release and earnings presentation.
Investor analyst conference call:
Adient's president
and chief executive officer, Jerome
Dorlack, and executive vice president and chief financial
officer, Mark Oswald, will host a
conference call today at 8:30 a.m.
Eastern to discuss the results. To participate by telephone, please
dial 888-455-2945 (U.S.) or 773-799-3947 (international) 15
minutes prior to the start time of the call and ask to be connected
to the Adient conference call. The conference passcode is
ADIENT.
About Adient:
Adient (NYSE: ADNT) is a global leader
in automotive seating. With 70,000+ employees in 29
countries, Adient operates more than 200 manufacturing/assembly
plants worldwide. We produce and deliver automotive seating for all
major OEMs. From complete seating systems to individual components,
our expertise spans every step of the automotive seat-making
process. Our integrated, in-house skills allow us to take our
products from research and design to engineering and manufacturing
— and into millions of vehicles every year. For more information on
Adient, please visit www.adient.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Adient has made statements in this document that
are forward-looking and, therefore, are subject to risks and
uncertainties. All statements in this document other than
statements of historical fact are statements that are, or could be,
deemed "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. In this document,
statements regarding Adient's expectations for its deleveraging
activities, the timing, benefits and outcomes of those activities,
as well as its future financial position, sales, costs, earnings,
cash flows, other measures of results of operations, capital
expenditures or debt levels and plans, objectives, market position,
outlook, targets, guidance or goals are forward-looking statements.
Words such as "may," "will," "expect," "intend," "estimate,"
"anticipate," "believe," "should," "forecast," "project" or "plan"
or terms of similar meaning are also generally intended to identify
forward-looking statements. Adient cautions that these statements
are subject to numerous important risks, uncertainties, assumptions
and other factors, some of which are beyond Adient's control, that
could cause Adient's actual results to differ materially from those
expressed or implied by such forward-looking statements, including,
among others, risks related to: the effects of local and national
economic, credit and capital market conditions (including the
persistence of high interest rates and volatile currency exchange
rates) on the global economy, work stoppages, including due to
strikes, supply chain disruptions and similar events, wage
inflationary pressures due to labor shortages and new labor
negotiations, volatile energy markets, Adient's ability and timing
of customer recoveries for increased input costs, the availability
of raw materials and component products (including components
required by our customers for the manufacture of vehicles),
geopolitical uncertainties such as the Ukraine and Middle
East conflicts and the impact on the regional and global
economies and additional pressure on supply chain and vehicle
production, the ability of Adient to execute its restructuring
plans and achieve the desired benefit, automotive vehicle
production levels, mix and schedules, as well as our concentration
of exposure to certain automotive manufacturers, the ability of
Adient to effectively launch new business at forecast and
profitable levels, the ability of Adient to meet debt service
requirements and, terms of future financing, the impact of global
tax reform legislation, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, shifts in market shares among vehicles, vehicle segments
or away from vehicles on which Adient has significant content,
changes in consumer demand, global climate change and related
emphasis on ESG matters by various stakeholders, and the ability of
Adient to achieve its ESG-related goals, cancellation of or changes
to commercial arrangements, and the ability of Adient to identify,
recruit and retain key leadership. A detailed discussion of risks
related to Adient's business is included in the section entitled
"Risk Factors" in Adient's Annual Report on Form 10-K for the
fiscal year ended September 30, 2023
filed with the U.S. Securities and Exchange Commission (the "SEC")
on November 17, 2023, and in
subsequent reports filed with or furnished to the SEC, available at
www.sec.gov. Potential investors and others should consider these
factors in evaluating the forward-looking statements and should not
place undue reliance on such statements. The forward-looking
statements included in this document are made only as of the date
of this document, unless otherwise specified, and, except as
required by law, Adient assumes no obligation, and disclaims any
obligation, to update such statements to reflect events or
circumstances occurring after the date of this document.
In addition, this document includes certain projections provided
by Adient with respect to the anticipated future performance of
Adient's businesses. Such projections reflect various assumptions
of Adient's management concerning the future performance of
Adient's businesses, which may or may not prove to be correct. The
actual results may vary from the anticipated results and such
variations may be material. Adient does not undertake any
obligation to update the projections to reflect events or
circumstances or changes in expectations after the date of this
document or to reflect the occurrence of subsequent events. No
representations or warranties are made as to the accuracy or
reasonableness of such assumptions, or the projections based
thereon.
Use of Non-GAAP Financial Information:
This document
also contains non-GAAP financial information because Adient's
management believes it may assist investors in evaluating Adient's
on-going operations. Adient believes these non-GAAP disclosures
provide important supplemental information to management and
investors regarding financial and business trends relating to
Adient's financial condition and results of operations. Investors
should not consider these non-GAAP measures as alternatives to the
related GAAP measures. Non-GAAP measures include Adjusted EBIT,
Adjusted EBITDA, Adjusted net income, Adjusted effective tax rate,
Adjusted earnings per share, Adjusted equity income, Adjusted
interest expense, Free cash flow, Net debt and Net leverage. For
further detail and reconciliations to their closest GAAP
equivalents, please see the appendix to the earnings presentation.
Reconciliations of non-GAAP measures related to FY2024 guidance
have not been provided due to the unreasonable efforts it would
take to provide such reconciliations.
ADNT-FN
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SOURCE Adient