PLYMOUTH, Mich., Jan. 28,
2025 /PRNewswire/ -- Adient (NYSE: ADNT), a global
leader in automotive seating, today announced its first
quarter 2025 financial results.
- Q1 GAAP net income and EPS diluted of $0M and $0.00,
respectively; Q1 Adj.-EPS diluted of $0.27
- Q1 Adj.-EBITDA of $196M – in line
with expectations for lower customer production in the quarter
- Gross debt and net debt totaled ~$2.4B and ~$1.5B,
respectively, at December 31, 2024;
cash and cash equivalents of $860M at
December 31, 2024
- The company executed $25M of
share repurchases, ~1.2M shares in the quarter
- The company provided an update to its FY25 outlook, maintaining
lower end of Adj.-EBITDA guidance range, in light of reduced sales
guidance driven by FX and lower customer volume in EMEA and
China
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
https://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, Jerome
Dorlack, and executive vice president and chief financial
officer, Mark Oswald, will host a
conference call today at 8:00 a.m.
Eastern to discuss the results. To participate by telephone, please
dial 888-566-1827 (U.S.) or 773-799-3976 (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 29
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 effects of local and national economic, credit
and capital market conditions (including the persistence of high
interest rates, vehicle affordability and volatile currency
exchange rates) on the global economy, automotive vehicle
production levels, mix and schedules, as well as the
concentration of exposure to certain automotive manufacturers,
shifts in market shares among vehicles, vehicle segments or away
from vehicles on which Adient has significant content, changes
in consumer demand, risks associated with Adient's joint ventures,
volatile energy markets, Adient's ability and timing of
customer recoveries for increased input costs, the availability of
raw materials and component products (including components
required by Adient's customers for the manufacture of vehicles),
geopolitical uncertainties such as the Ukraine and Middle
East conflicts and the impact on the regional and global
economies and additional pressure on supply chain and vehicle
production, uncertainties in U.S. administrative policy regarding
trade agreements, tariffs and other international trade
relations, the ability of Adient to effectively launch new
business at forecast and profitable levels, the ability of Adient
to successfully identify suitable opportunities for organic
investment and/or acquisitions and to integrate such investments
and/or acquisitions; work stoppages, including due to strikes,
supply chain disruptions and similar events, wage inflationary
pressures due to labor shortages and new labor negotiations, the
ability of Adient to execute its restructuring plans and achieve
the desired benefit, the ability of Adient to meet debt service
requirements and, terms of future financing, the impact of global
tax reform legislation, global climate change and related emphasis
on sustainability matters by various stakeholders, and the
ability of Adient to achieve its sustainability-related goals,
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,
2024 filed with the U.S. Securities and Exchange Commission (the
"SEC") on November 18, 2024, 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.
Reconciliations of non-GAAP measures related to FY 2025 guidance
have not been provided due to the unreasonable efforts it would
take to provide such reconciliations. (This document also contains
the key performance indicator of business performance, which is
defined as the difference in period-over-period Adjusted
EBITDA excluding production volume/mix, equity income, foreign
exchange and net commodity pricing. Management believes this
key performance indicator encompasses the significant drivers of
the performance of the business that are within management's
ability to influence and may assist investors in evaluating
Adient's on-going operations and provide important
supplemental information regarding financial and business trends
relating to Adient's financial condition and results
of operations. Investors should not consider this key
performance indicator as an alternative to our GAAP financial
results.)
ADNT-FN
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SOURCE Adient