PLYMOUTH, Mich., Aug. 6, 2020 /PRNewswire/ -- Adient (NYSE:
ADNT), a global leader in automotive seating, today announced
third quarter 2020 financial results.
- Impacted by COVID-19 and one-time, non-cash charges, Q3 GAAP
net loss and EPS diluted of $(325)M
and $(3.46) respectively; Q3 Adj.-EPS
diluted of $(2.78)
- Q3 Adj.-EBITDA of $(122)M, down
$327M y-o-y (includes ~$400M impact from COVID-19); Adient's financial
results improved sequentially by month as the quarter progressed
and operations in the Americas and EMEA restarted
- Cash and cash equivalents of $1,032M at June 30,
2020 (production restarts during the quarter resulted in a
temporary trade working capital headwind, expected to unwind in Q4,
of ~$500M in Q3); total liquidity at
June 30, 2020 was ~$1.2B
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 80,000 employees in 34 countries, Adient
operates 220 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 23
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, 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 close the sale of its fabrics business,
including receipt of necessary regulatory approvals, the ability of
Adient to close the transactions subject to the Yanfeng agreement,
the ability of Adient to effectively launch new business at
forecasted and profitable levels, the ability of Adient to execute
its turnaround plan, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, the impact of tax reform legislation through the Tax
Cuts and Jobs Act, the ability of Adient to meet debt service
requirements, 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, the 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, 2019
filed with the SEC on November 22,
2019 and subsequent quarterly reports on Form 10-Q filed
with the SEC, as well as within Adient's Current Report on Form 8-K
filed on April 20, 2020, 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