PLYMOUTH, Mich., Feb. 5, 2021 /PRNewswire/ -- Adient (NYSE:
ADNT), a global leader in automotive seating, today announced
first quarter 2021 financial results.
- Q1 GAAP net income and EPS diluted of $150M and $1.58
respectively; Q1 Adj.-EPS diluted of $1.71
- Q1 Adj.-EBITDA of $378M, up
$81M y-o-y; Q1 Adj. EBITDA margin of
9.8%, up 228 bps y-o-y
- Cash and cash equivalents of $1,820M at Dec. 31,
2020; total liquidity at Dec. 31,
2020, was ~$2.8B
- Adient issued its 2020 Sustainability Report — highlighting the
company's commitment to operating its business in an
environmentally responsible manner
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 19
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, 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 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 execute its turnaround plan, 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 financing, the impact of tax reform
legislation through the Tax Cuts and Jobs Act and/ or under a new
U.S. presidential administration, uncertainties in U.S.
administrative policy regarding trade agreements, tariffs and other
international trade relations including as may be impacted by the
change in U.S. presidential administration, general economic and
business conditions, the strength of the U.S. or other economies,
automotive vehicle production levels, mix and schedules, changes in
consumer demand, work stoppages and similar events, global climate
change and related emphasis on ESG matters by various stakeholders,
energy and commodity prices, the availability of raw materials and
component products, 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, 2020 filed with the SEC on
November 30, 2020, 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.
ADNT-FN
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SOURCE Adient