Adient reports Q3 financial results; provides update to FY24 outlook
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), leader globale nel settore dei sedili automobilistici, ha riportato i risultati finanziari del terzo trimestre del 2024. L'azienda ha registrato una perdita netta secondo i principi contabili GAAP di 11 milioni di dollari e un utili per azione diluiti di $(0,12), con un utili per azione rettificati diluiti di $0,32. L'Adj.-EBITDA del terzo trimestre è stato di 202 milioni di dollari, influenzato da una produzione inferiore da parte dei clienti. La posizione finanziaria di Adient ha mostrato un debito lordo di circa $2,5 miliardi e debito netto di circa $1,6 miliardi, con liquidità e mezzi equivalenti a $890 milioni al 30 giugno 2024. L'azienda ha generato 88 milioni di dollari di flusso di cassa libero e ha effettuato riacquisti di azioni per 75 milioni di dollari, ritirando circa 2,6 milioni di azioni nel terzo trimestre. I riacquisti di azioni dall'inizio dell'anno hanno totalizzato 225 milioni di dollari, rappresentando circa l'8% delle azioni in circolazione. Adient ha aggiornato le sue previsioni per l'intero anno 2024, considerando l'impatto delle aspettative di produzione di veicoli inferiori.
Adient (NYSE: ADNT), líder global en el sector de asientos automotrices, informó sobre sus resultados financieros del tercer trimestre de 2024. La compañía reportó una pérdida neta GAAP de $11 millones y un EPS diluido de $(0,12), con un EPS diluido ajustado de $0,32. El Adj.-EBITDA del tercer trimestre fue de $202 millones, afectado por una producción más baja de los clientes. La posición financiera de Adient mostró deuda bruta de aproximadamente $2,5 mil millones y deuda neta de aproximadamente $1,6 mil millones, con efectivo y equivalentes de efectivo de $890 millones al 30 de junio de 2024. La compañía generó $88 millones en flujo de caja libre y realizó $75 millones en recompra de acciones, retirando alrededor de 2,6 millones de acciones en el tercer trimestre. Las recompras de acciones hasta la fecha sumaron $225 millones, representando aproximadamente el 8% de las acciones en circulación. Adient actualizó sus perspectivas para el FY24, considerando el impacto de las expectativas de producción de vehículos más bajas.
Adient (NYSE: ADNT), 글로벌 자동차 좌석 분야의 선두주자인 회사가 2024년 3분기 재무 결과를 발표했습니다. 회사는 GAAP 기준으로 1100만 달러의 순손실과 희석 주당 순이익 $(0.12), 조정된 희석 주당 순이익 $0.32를 기록했습니다. 3분기 조정 EBITDA는 2억 200만 달러였으며, 이는 고객 생산 감소의 영향으로 나타났습니다. Adient의 재무 상태는 총 부채가 약 25억 달러이고 순부채가 약 16억 달러로 나타났으며, 2024년 6월 30일 기준으로 현금 및 현금성 자산이 8억 9000만 달러로 보고되었습니다. 회사는 8800만 달러의 자유현금흐름을 생성하였고, 7500만 달러의 자사주 매입을 실행하여 3분기에 약 260만 주를 매입했습니다. 연초부터 자사주 매입 총액은 2억 2500만 달러로, 총 발행주식의 약 8%를 차지합니다. Adient는 차량 생산 기대치 감소의 영향을 고려하여 FY24 전망을 업데이트했습니다.
Adient (NYSE: ADNT), leader mondial dans le domaine des sièges automobiles, a annoncé ses résultats financiers du troisième trimestre 2024. L'entreprise a enregistré une perte nette GAAP de 11 millions de dollars et un BPA dilué de $(0,12), avec un BPA ajusté dilué de $0,32. L'Adj.-EBITDA du troisième trimestre s'élevait à 202 millions de dollars, impacté par une production client plus faible. La situation financière d'Adient affichait une dettes brutes d'environ 2,5 milliards de dollars et dettes nettes d'environ 1,6 milliard de dollars, avec trésorerie et équivalents de trésorerie de 890 millions de dollars au 30 juin 2024. L'entreprise a généré 88 millions de dollars de flux de trésorerie libre et exécuté 75 millions de dollars de rachats d'actions, retirant environ 2,6 millions d'actions au troisième trimestre. Depuis le début de l'année, les rachats d'actions ont totalisé 225 millions de dollars, représentant environ 8 % des actions en circulation. Adient a mis à jour ses prévisions pour l'exercice 2024, considérant l'impact des attentes de production de véhicules plus faibles.
Adient (NYSE: ADNT), ein weltweit führendes Unternehmen im Automobilsitzbereich, hat seine finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben. Das Unternehmen berichtete von einem GAAP-Nettoverlust von 11 Millionen Dollar sowie einem verwässerten EPS von $(0,12), und einem adjustierten verwässerten EPS von $0,32. Das Adjusted EBITDA für das dritte Quartal betrug 202 Millionen Dollar, beeinflusst durch eine geringere Produktionsleistung der Kunden. Die finanzielle Lage von Adient wies Bruttoverschuldung von rund 2,5 Milliarden Dollar und Nettoverschuldung von rund 1,6 Milliarden Dollar aus, sowie Barmittel und kurzfristige Anlagen in Höhe von 890 Millionen Dollargenerierte 88 Millionen Dollar an freiem Cashflow und führte 75 Millionen Dollar an Aktienrückkäufen durch, wobei etwa 2,6 Millionen Aktien im dritten Quartal zurückgekauft wurden. Die Aktienrückkäufe seit Jahresbeginn beliefen sich auf insgesamt 225 Millionen Dollar, was etwa 8 % der ausstehenden Aktien entspricht. Adient hat seinen Ausblick für das Geschäftsjahr 2024 aktualisiert, um die Auswirkungen der verringerten Erwartungen an die Fahrzeugproduktion zu berücksichtigen.
- Generated $88M in free cash flow
- Executed $75M of share repurchases, retiring ~2.6M shares in Q3
- Year-to-date share repurchases total $225M, representing ~8% of outstanding shares
- Cash and cash equivalents of $890M at June 30, 2024
- GAAP net loss of $11M in Q3
- EPS diluted of $(0.12) in Q3
- Q3 results impacted by lower customer production
- Updated FY24 outlook due to lower vehicle production expectations
Insights
Adient's Q3 results paint a mixed picture. The company reported a GAAP net loss of
On the positive side, Adient generated free cash flow of
The company's debt position remains a concern, with gross debt at
Adient's Q3 results reflect the broader challenges facing the automotive industry. The impact of lower customer production on the company's performance is a clear indicator of the ongoing supply chain issues and potential demand fluctuations in the sector. This trend is likely to affect other automotive suppliers as well.
The company's focus on share repurchases during this period is intriguing. While it demonstrates confidence in their long-term prospects, it also raises questions about whether these funds could be better allocated towards innovation or debt reduction in the current market environment.
Adient's revised FY24 outlook, acknowledging lower vehicle production expectations, aligns with industry forecasts. This adjustment suggests a realistic approach to market conditions but may also indicate a prolonged recovery period for the automotive sector. Investors should closely monitor how Adient adapts its strategies to navigate these challenges and position itself for future growth in an evolving automotive landscape.
- Q3 GAAP net loss and EPS diluted of
$(11)M $(0.12) $0.32 - Q3 Adj.-EBITDA of
$202M - Gross debt and net debt totaled
~ and$2.5B ~ , respectively, at June 30, 2024; cash and cash equivalents of$1.6B $890M - Generated free cash flow (operating cash flow less capex) of
$88M - Executed
$75M $225M 8% of outstanding shares were repurchased in the first 9 months of FY24 - The company provided an update to its FY24 outlook, recognizing the impacts of lower vehicle production expectations
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, Jerome Dorlack, and executive vice president and chief financial officer, Mark Oswald, will host a conference call today at 8:30 a.m. Eastern to discuss the results. To participate by telephone, please dial 888-455-2945 (
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. 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 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, 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
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.
Use of Non-GAAP Financial Information:
This document also contains non-GAAP financial information because Adient's management believes it may assist investors in evaluating Adient's on-going operations. Adient believes these non-GAAP disclosures provide important supplemental information to management and investors regarding financial and business trends relating to Adient's financial condition and results of operations. Investors should not consider these non-GAAP measures as alternatives to the related GAAP measures. Non-GAAP measures include Adjusted EBIT, Adjusted EBITDA, Adjusted net income, Adjusted effective tax rate, Adjusted earnings per share, Adjusted equity income, Adjusted interest expense, Free cash flow, Net debt and Net leverage. For further detail and reconciliations to their closest GAAP equivalents, please see the appendix to the earnings presentation. Reconciliations of non-GAAP measures related to FY2024 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations.
ADNT-FN
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SOURCE Adient
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