PLYMOUTH, Mich., Nov. 30, 2020 /PRNewswire/ -- Adient (NYSE:
ADNT), a global leader in automotive seating, today announced
fourth quarter 2020 financial results.
- Impacted by one-time, non-cash charges, Q4 GAAP net loss and
EPS diluted of $(36)M and
$(0.38) respectively; Q4 Adj.-EPS
diluted of $1.15
- Q4 Adj.-EBIT and Adj.-EBITDA of $199M and $287M,
respectively; Q4 Adj.-EBITDA up 33% y-o-y despite an 8% decrease in
revenue (Q4 revenue impacted by lower y-o-y global production
volumes and Adient specific launches)
- Cash and cash equivalents of $1,692M at Sept. 30,
2020; total liquidity ~$2.5B
at Sept. 30, 2020
- Gross debt and net debt totaled $4,307M and $2,615M, respectively, at Sept. 30, 2020; the company voluntarily began to
repay a portion of its debt in Q4 ($103.5M in principal using $99.8M in cash)
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, Jeff Stafeil, will host a
conference call today at 8:30 a.m.
Eastern to discuss the results. 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:
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: 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.
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.
ADNT-FN
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SOURCE Adient