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Adient plc (NYSE: ADNT) is a global leader in the automotive seating market, commanding one-third of this $60 billion industry. With headquarters in Ireland and operational offices in the Detroit area, Adient boasts a workforce of approximately 75,000 employees spread across 230 locations in 33 countries. The company generates an impressive $20 billion in consolidated annual revenues by delivering 25 million seating systems utilized in over 360 vehicle nameplates worldwide.
Adient's journey began on October 31, 2016, following the spinoff of Johnson Controls' automotive experience segment. The company quickly established itself as a dominant player in the automotive seating sector. Despite a reduction in its market share in China from nearly 45% to approximately 20%, resulting from the sale of its main joint venture in fiscal 2021, Adient continues to thrive. In fiscal 2023, unconsolidated seating revenue from joint ventures was $3.8 billion, while consolidated China revenue stood at $1.4 billion.
Adient’s product range encompasses complete seating systems to individual components, with a focus on innovation, quality, and customer satisfaction. By leveraging its integrated, in-house skills, Adient manages the entire seat-making process from research and design to engineering and manufacturing, securing its presence in millions of vehicles each year.
The company's recent achievements include strong financial results for Q4 2023 and Q1 2024. Adient announced Q4 2023 GAAP net income of $135 million and EPS diluted of $1.42, with an adjusted EBITDA of $235 million. Q1 2024 saw GAAP net income of $20 million and EPS diluted of $0.21, alongside an adjusted EBITDA of $216 million. Adient also executed $100 million of share repurchases in Q1 2024, retiring approximately 3 million shares.
Adient’s leadership team has seen recent changes, with Jerome Dorlack taking on the roles of President and CEO, and Mark Oswald as the CFO. The company continues to focus on financial stability, innovation, and strategic growth, participating in various investor conferences and providing regular updates on its performance and future outlook.
Adient is committed to maintaining its leadership position in the automotive seating market, continuously aiming to improve earnings and margins in upcoming fiscal years. The company remains poised for further expansion and success, driven by its robust financial health and strategic initiatives.
Adient, Jaguar Land Rover (JLR), and Dow have collaborated to create an industry-first closed-loop recycled seat foam for luxury vehicles. The innovative process involves collecting 'post-consumer' polyurethane (PU) foams from end-of-life vehicles, which are processed into new circular polyol and integrated into Adient's seating formulas. The resulting Front Seat Cushion prototypes currently contain 20% re-polyol from recycled vehicles. The project aims to reduce environmental impact and advance circular economy in automotive manufacturing. Production scale testing with JLR is scheduled for early 2025.
Adient (NYSE: ADNT) reported its Q4 2024 financial results, posting GAAP net income of $79M and EPS of $0.91. Q4 Adjusted-EBITDA remained flat year-over-year at $235M, with margin improving 30bps to 6.6%. The company ended FY2024 with $945M in cash and cash equivalents, gross debt of $2.4B, and net debt of $1.5B. Throughout FY2024, Adient generated $277M in free cash flow, returned $275M to shareholders through share repurchases, and reduced debt by approximately $130M. For FY2025, the company projects flat adjusted-EBITDA with business performance expected to offset lower volumes.
Adient (NYSE: ADNT), a global automotive seating leader, has entered into a joint development agreement (JDA) with machine integrator and automation company Paslin. The collaboration aims to develop innovative automation solutions for Adient's traditional sewing operations and future product offerings. The partnership will focus on creating automated sewing cells with integrated robotics to enhance pattern joining accuracy and automated assembly processes for non-traditional trim development and manufacturing. The initiative is expected to drive improved business performance through increased efficiency and product quality.
Adient (NYSE: ADNT), a global leader in automotive seating, has announced it will host a conference call on November 8, 2024, at 8:30 a.m. (ET) to discuss its fourth quarter fiscal 2024 financial results. The company will provide a live webcast of the call and presentation materials on the Adient Investor Relations website. Investors can participate by telephone by dialing 888-566-1827 (U.S.) or 773-799-3976 (international) 15 minutes before the call's start time. The conference passcode is ADIENT. A replay of the call will be available on the same website after the event.
Adient (NYSE: ADNT), a global automotive seating leader, reported its Q3 2024 financial results. The company posted a GAAP net loss of $11M and EPS diluted of $(0.12), with Adj.-EPS diluted of $0.32. Q3 Adj.-EBITDA was $202M, impacted by lower customer production. Adient's financial position showed gross debt of ~$2.5B and net debt of ~$1.6B, with cash and cash equivalents of $890M as of June 30, 2024. The company generated $88M in free cash flow and executed $75M of share repurchases, retiring ~2.6M shares in Q3. Year-to-date share repurchases totaled $225M, representing ~8% of outstanding shares. Adient updated its FY24 outlook, considering the impact of lower vehicle production expectations.
Adient (NYSE: ADNT), a global leader in automotive seating, has announced its participation in the upcoming J.P. Morgan Auto Conference on Thursday, August 8, 2024. The company's president and CEO, Jerome Dorlack, along with executive vice president and CFO, Mark Oswald, will engage in a fireside chat at 10:15 am Eastern Time. Investors and interested parties can access a live webcast of the discussion through the investor section of Adient's official website.
Adient (NYSE: ADNT), a global leader in automotive seating, has announced that it will host a conference call on August 6, 2024, at 8:30 a.m. (ET) to discuss its third quarter fiscal 2024 financial results. The company will provide a live webcast of the call and presentation materials on its Investor Relations website. Investors can participate via telephone by dialing 888-455-2945 (U.S.) or 773-799-3947 (international) 15 minutes before the call starts, using the conference passcode ADIENT. A replay of the call will be available on the company's website for those unable to join live.
Adient, a leading automotive seating company, reported strong Q2 2024 financial results with $227M in Q2 Adj.-EBITDA, up $12M year-over-year. Despite a GAAP net loss, the company executed $50M in share repurchases, retiring ~1.5M shares in the quarter. Adient updated its FY24 outlook due to slow launches and softer electric vehicle production in the Americas and EMEA.
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