Adient to announce Q1FY24
financial results on Feb. 7, 2024
PLYMOUTH, Mich., Jan. 22,
2024 /PRNewswire/ -- Adient (NYSE: ADNT), a global
leader in automotive seating, today reported certain unaudited
preliminary financial results for the quarter ended Dec. 31, 2023. Revenue in Q1FY24 is
expected to be approximately $3.7B,
or about flat vs. Q1FY23. Q1FY24 Adjusted EBITDA is expected
to be approximately $215M, versus
$212M in the prior-year quarter.
Additional details related to Adient's first quarter results and
outlook for the remainder of FY24 will be provided on February 7 during the company's Q1FY24 earnings
call.
"Building on the momentum established in 2023, Adient's
preliminary Q1 results demonstrate we are off to a solid start in
FY24 despite the UAW strike-related production stoppages at certain
of our customers in the Americas," said Jerome Dorlack, president and chief executive
officer. "We continue to expect improved earnings and margin
in FY24 vs. FY23."
Adient to discuss Q1FY24 financial results on Feb. 7, 2024
Adient will host a conference
call on Feb. 7, 2024 at 8:30 a.m. (ET) to discuss its first quarter
fiscal 2024 financial results.
A live webcast of the quarterly earnings conference call will be
available on the investor section of the Adient website
(http://investors.adient.com/).
Use of Non-GAAP Financial Information:
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. Adjusted EBITDA is
defined as income before income taxes and noncontrolling interests,
excluding net financing charges, qualified restructuring and
impairment costs, restructuring related costs, net mark-to-market
adjustments on pension and postretirement plans, transaction
gains/losses, purchase accounting amortization, depreciation,
stock-based compensation and other non-recurring items.
Adient's management 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 Adjusted EBITDA as an alternative to related GAAP
measures. Management uses Adjusted EBITDA to measure the
performance of Adient's operations for internal reporting, planning
and forecasting purposes.
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. Forward-looking statements are not
guarantees of future performance and Adient's actual results may
differ significantly from the results discussed in the
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 finalization of the accounting
procedures necessary to report our financial results for the
quarter ended December 31, 2023; the
effects of local and national economic, credit and capital market
conditions (including the persistence of high interest rates and
volatile currency exchange rates) on the global economy, work
stoppages, including due to strikes (such as the UAW strike in the
U.S. that commenced in September
2023), supply chain disruptions and similar events, wage
inflationary pressures due to labor shortages and new labor
negotiations, 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 our 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, the ability of Adient to execute its restructuring
plans and achieve the desired benefit, 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 and, terms of future financing, the impact of global
tax reform legislation, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, 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, and the ability of
Adient to achieve its ESG-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,
2023 filed with the U.S. Securities and Exchange Commission
(the "SEC") on November 17, 2023, 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