PLYMOUTH, Mich., Aug. 2, 2023
/PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive
seating, today announced its third quarter 2023 financial
results.
- Q3 GAAP net income and EPS diluted of $73M and $0.77,
respectively; Q3 Adj.-EPS diluted of $0.98
- Q3 Adj.-EBITDA of $276M, up
$133M y-o-y
- Gross debt and net debt totaled ~$2.5B and ~$1.6B,
respectively, at June 30, 2023; cash
and cash equivalents of $908M at
June 30, 2023
- Returned ~$37M to shareholders in
Q3 through share repurchases (YTD through June 30, 2023: $65M)
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 its impact on
the 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