PLYMOUTH, Mich., Aug. 5, 2022
/PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive
seating, today announced its third quarter 2022 financial
results.
- Q3 GAAP net loss and EPS diluted of $(30)M and $(0.32),
respectively; Q3 Adj.-EPS diluted of $0.08
- Q3 Adj.-EBITDA of $143M, up
$25M y-o-y (up $18M when adjusting for portfolio actions
executed in FY21)
- Strong cash and cash equivalents of $892M at June 30,
2022; total liquidity of ~$1.7B at June 30,
2022
- Gross debt and net debt totaled ~$2.7B and ~$1.8B,
respectively, at June 30, 2022
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 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 approximately 75,000 employees in 33 countries, Adient
operates 208 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 20
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 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 widespread
COVID lockdowns in China and their
impact on regional, 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 (particularly steel) prices, 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,
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, 2021
filed with the U.S. Securities and Exchange Commission (the "SEC")
on November 23, 2021, Quarterly
Report on Form 10-Q for the Quarterly Period ended December 31, 2021, filed with the SEC on
February 4, 2022, Quarterly Report on
Form 10-Q for the Quarterly Period ended March 31, 2022, filed with the SEC on
May 5, 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. A reconciliation of
non-GAAP measures to their closest GAAP equivalent are included in
the appendix. Reconciliations of non- GAAP measures related to
FY2022 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