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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 (NYSE: ADNT) has announced the pricing of a private offering of $795 million in 7.50% senior unsecured notes due 2033, issued by its subsidiary Adient Global Holdings The notes will be issued at par value, with the offering expected to close on February 3, 2025.
The company plans to use the net proceeds, along with cash on hand, to redeem its existing 4.875% senior unsecured notes due 2026 and cover associated fees and expenses. The offering is restricted to qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States under Regulation S of the Securities Act.
Adient (NYSE: ADNT), a global automotive seating leader, announced its subsidiary Adient Global Holdings plans to offer $795 million in senior unsecured notes due 2033. The company intends to use the proceeds, along with cash on hand, to redeem its existing 4.875% senior unsecured notes due 2026 and cover related fees and expenses.
The notes offering will be conducted through private transactions, available only to qualified institutional buyers under Rule 144A of the Securities Act and non-U.S. persons outside the United States under Regulation S. The notes and related guarantees will not be registered under the Securities Act or any state securities laws.
Adient (NYSE: ADNT), a global automotive seating leader, has released its 2024 Sustainability Report, highlighting significant environmental, social, and governance achievements. The company reported a 38% reduction in global scope 1 and 2 greenhouse gas emissions compared to 2019, targeting 75% reduction by 2030. 29% of their global electricity consumption now comes from renewable sources.
Environmental initiatives included completing over 1,500 improvement projects, saving 7,391 metric tons of CO2e, 53,669 cubic meters of water, and 62 million kWh of energy. In social responsibility, 98% of manufacturing sites are ISO 45001 certified, and the company has spent over $9.6 billion with diverse suppliers since 2016.
The report features third-party verified data on key sustainability metrics and highlights a 99% compliance rate with the company's Ethics Policy among global salaried workforce. Adient also implemented a Global Comprehensive Supplier Scorecard and established a supplier Center of Excellence to enhance compliance and risk management.
Adient (NYSE: ADNT) has released its Q1 2025 financial results, reporting GAAP net income and EPS diluted of $0M and $0.00 respectively, with Adjusted-EPS diluted of $0.27. The company achieved Adjusted-EBITDA of $196M, aligning with expectations for lower customer production in the quarter.
The automotive seating leader's financial position shows gross debt of ~$2.4B and net debt of ~$1.5B, with cash and cash equivalents standing at $860M as of December 31, 2024. During the quarter, Adient executed $25M in share repurchases, buying back approximately 1.2M shares.
The company has updated its FY25 outlook, maintaining the lower end of Adjusted-EBITDA guidance range due to reduced sales guidance, influenced by foreign exchange impacts and decreased customer volume in EMEA and China regions.
Adient (NYSE: ADNT), a global automotive seating leader, has scheduled a conference call for January 28, 2025, at 8:00 a.m. (ET) to discuss its first quarter fiscal 2025 financial results. The company will provide a live webcast and presentation materials through its Investor Relations website.
Participants can join via telephone by dialing 888-566-1827 (U.S.) or 773-799-3976 (international) using the conference passcode ADIENT. The call details should be accessed 15 minutes before the start time.
Adient operates with over 70,000 employees across 29 countries and manages more than 200 manufacturing/assembly plants worldwide. The company specializes in complete seating systems and individual components for major automotive OEMs, handling the entire seat-making process from research and design to manufacturing.
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.
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