PLYMOUTH, Mich., May 3, 2023
/PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive
seating, today announced its second quarter 2023 financial
results.
- Q2 GAAP net income and EPS diluted of $(15)M and $(0.16),
respectively; Q2 Adj.-EPS diluted of $0.32
- Q2 Adj.-EBITDA of $215M, up
$56M y-o-y
- Gross debt and net debt totaled $2.5B and $1.7B,
respectively, at March 31, 2023; cash
and cash equivalents of $826M at
March 31, 2023
- Executed an opportunistic debt refinancing and partial Term
Loan B prepayment to strengthen the company's balance sheet
- Began to implement the company's enhanced capital allocation
plan with the repurchase of ~759,600 shares of its common stock
using cash ~$30M (includes ~48,000
shares and ~$1.9M that settled
subsequent to quarter end) demonstrating the company's commitment
to enhancing shareholder value
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, Douglas Del Grosso, and executive vice president
and chief financial officer, Jerome
Dorlack, 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 30
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
Ukraine conflict and COVID
lockdowns in China and their
impact on regional and global economies and additional pressure on
supply chains and vehicle production, the effects of local and
national economic, credit and capital market conditions on the
economy in general, and other risks and uncertainties, the
continued financial and operational impacts of and uncertainties
relating to the COVID-19 pandemic on Adient and its customers,
suppliers, joint venture partners and other parties, work
stoppages, including due to supply chain disruptions and similar
events, energy and commodity availability and prices, the company'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 (i.e., semiconductors)), whether deleveraging
activities may yield additional value for shareholders at all or on
the same or different terms as those described herein, the ability
of Adient to execute its turnaround plan, 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, the terms of future financing, the impact of tax
reform legislation, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, general economic and business conditions, the strength
of the U.S. or other economies, 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,
the ability of Adient to achieve its ESG-related goals, currency
exchange rates and 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, 2022 filed with
the U.S. Securities and Exchange Commission (the "SEC") on
November 22, 2022, 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 and Net
debt. 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
FY2023 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