PLYMOUTH, Mich., July 27, 2017 /PRNewswire/ -- Adient (NYSE:
ADNT), a global leader in automotive seating, today announced solid
third quarter earnings.
- GAAP net income and EPS diluted increased to $204 million and $2.17, respectively; adjusted-EPS diluted up 4%
to $2.52
- Adjusted-EBIT expanded to $336M
(margin of 8.4%)
- Cash and cash equivalents of $669
million at June 30, 2017
- Gross debt and net debt of $3,399
million and $2,730 million,
respectively, at June 30, 2017
- Repurchased ~0.6M shares of common stock for approximately
$40M; paid $26M in quarterly dividends
For complete details and to see reconciliations of non-GAAP
measures to their most directly comparable GAAP measures, click
here to download the full press release, or visit the events
section of the Adient investor website at
http://investors.adient.com/events-and-presentations/events.
Investor analyst conference call:
Adient's Chairman
and Chief Executive Officer, R. Bruce
McDonald, 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 is a global leader in automotive
seating. With 75,000 employees operating 230
manufacturing/assembly plants in 33 countries worldwide, we produce
and deliver automotive seating for all vehicle classes and 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 all the way to engineering and
manufacturing – and into more than 25 million vehicles every
year.
Cautionary Statement Regarding Forward-Looking
Statements:
Adient plc 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 ability of Adient to meet debt service requirements, the
availability and 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, and cancellation of or changes to
commercial arrangements. 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, 2016 filed with
the SEC on November 29, 2016 and
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