PLYMOUTH, Mich., Nov. 9, 2020 /PRNewswire/ -- Adient (NYSE:
ADNT), a global leader in automotive seating, today announced that
it is changing its earnings release and conference call date for
the fourth quarter fiscal 2020 as a result of a delay in reporting
at one of its unconsolidated joint ventures in China, impacting the company's ability to
complete its financial statements. Adient now plans to
release financial results from the fourth quarter fiscal 2020 on
Monday, Nov. 30, 2020, prior to the
market open.
On a preliminary basis, based on the information currently
available, Adient expects:
- Q4FY20 revenue of approximately $3.6B, slightly higher compared with previously
issued guidance of between $3.3B to
$3.5B
- Q4FY20 Adj. EBITDA excluding equity income of approximately
$200M, significantly higher compared
with previously issued guidance of between $130M to $140M
- Q4FY20 free cash flow of approximately $450M (comprised and defined as operating cash
flow of approximately $520M less
capital expenditures of approximately $70M), higher compared with previously issued
guidance of between $300M to
$400M
- Cash and cash equivalents of approximately $1.7B at Sept. 30,
2020; total liquidity of ~$2.5B (comprised of cash on hand of ~$1.7B and ~$800M
of undrawn capacity under the company's revolving line of
credit)
- Gross debt and net debt of approximately $4.3B and $2.6B,
respectively; Adient voluntarily began to repay a portion of its
debt in Q4FY20 ($103.5M in principal
using ~$100M in cash)
The financial information contained in this press release is
preliminary and subject to change based on the completion of
Adient's financial statements for the quarter and fiscal year ended
Sept. 30, 2020.
Adient will host a conference call and audio webcast for
financial analysts to discuss its fourth quarter fiscal 2020
financial results at 8:30 a.m. (ET)
the same day. The call will be hosted by Adient's president
and chief executive officer, Douglas Del
Grosso, and executive vice president and chief financial
officer, Jeff Stafeil.
A link to the live webcast of the call and presentation
materials will be available on the Adient Investor Relations
website (http://investors.adient.com/). A replay will be
available at the same site.
To participate by telephone, please dial 800-779-1454 (U.S.) or
312-470-7220 (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 approximately 77,000 employees in
32 countries, Adient operates 202 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
more than 23 million vehicles every year. For more information on
Adient, please visit www.adient.com.
Cautionary Statement Regarding Forward-Looking Statements and
Non-GAAP metrics:
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 future financial position, sales,
costs, earnings, cash flows, other measures of results of
operations, capital expenditures or debt levels and plans,
objectives, 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: Adient's ability to complete its financial statements for the
fourth quarter and fiscal year ended 2020 on a timely basis; 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, the ability of
Adient to effectively launch new business at forecast and
profitable levels, the ability of Adient to execute its turnaround
plan, uncertainties in U.S. administrative policy regarding trade
agreements, tariffs and other international trade relations, the
impact of tax reform legislation through the Tax Cuts and Jobs Act,
the ability of Adient to meet debt service requirements, terms of
financing, general economic and business conditions, the strength
of the U.S. or other economies, automotive vehicle production
levels, mix and schedules, energy and commodity prices, the
availability of raw materials and component products, currency
exchange rates, the 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, 2019 filed with
the SEC on November 22, 2019 and
subsequent quarterly reports on Form 10-Q filed with 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.
Adient has presented its expectations regarding Adj. EBITDA in
this press release without the corresponding GAAP metric or a
reconciliation to a corresponding GAAP metric as such information
is not available to Adient without unreasonable effort at the time
of the release of this preliminary financial information.
Adj. EBITDA is defined as income before income taxes and
noncontrolling interests excluding net financing charges,
restructuring, impairment and related costs, purchase accounting
amortization, transaction gains/losses, depreciation, stock-based
compensation, other significant non-recurring items, and net
mark-to-market adjustments on pension and postretirement plans.
Adient has also excluded equity income from this measure due to the
reporting delays encountered at one of its non-consolidated joint
ventures in China. Adient believes this information is useful
to investors by providing important supplemental information
regarding financial and business trends relating to Adient's
financial condition and results of operation. Investors
should not consider Adj. EBITDA as an alternative to related GAAP
measures. Management uses Adj. EBITDA to measure the
performance of Adient's operations for internal reporting, planning
and forecasting purposes.
ADNT-FN
View original content to download
multimedia:http://www.prnewswire.com/news-releases/adient-announces-date-change-for-q4-fiscal-2020-earnings-release-and-conference-call-provides-preliminary-q4-fiscal-2020-results-301169163.html
SOURCE Adient