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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), a leader in automotive seating, announced participation in the Bank of America Global Automotive Summit on April 12, 2022. Key executives, including CFO Jeff Stafeil, will engage in a fireside chat at 11:20 a.m. Eastern time. This event highlights Adient's strategic conversations within the automotive sector. A live webcast will be accessible on their investor relations website.
Adient operates 208 plants globally, employing around 75,000 people and producing seating systems for over 20 million vehicles annually.
Adient (NYSE: ADNT), a leader in automotive seating, will present at the Wolfe Research Virtual Global Auto, Auto Tech & Mobility Conference on February 23, 2022. Executives Jeff Stafeil and Jerome Dorlack will participate in a fireside chat at 9:20 a.m. Eastern time. A live webcast of this presentation will be accessible on Adient's investor website. With around 75,000 employees across 33 countries, Adient produces automotive seating systems for over 20 million vehicles annually.
Adient (NYSE: ADNT) announced the early results of its tender offers for outstanding senior notes. In the U.S. Tender Offer, approximately $507,390,000 (84.57%) of the 2025 Notes were tendered. The company will accept all validly tendered notes and plans to amend terms significantly. Additionally, in the EUR Tender Offer, around €473,315,000 (47.33%) of 2024 Notes were tendered, leading to oversubscription. The settlement for accepted notes is expected on February 10, 2022. The Tender Offers will expire on February 23, 2022.
Adient (NYSE: ADNT) reported a Q1 2022 GAAP net loss of $(54)M and diluted EPS of $(0.57). Adjusted EPS was $(0.38), with Adj.-EBITDA at $146M, down $232M year-over-year. Cash reserves stood at $2,080M as of December 31, 2021, while gross and net debts were $3,656M and $1,576M, respectively. Post-quarter, the company initiated $800M in debt tender offers to improve its balance sheet. The financial results reflect ongoing challenges in the automotive sector, including supply chain disruptions.
Adient plc (NYSE: ADNT) announced a cash tender offer for its 9.00% Senior First Lien Notes due 2025 and a maximum aggregate principal offer for its 3.50% Senior Unsecured Notes due 2024. The offers aim to retire debt and include a consent solicitation for the 2025 Notes to amend covenants and events of default. The U.S. Issuer intends to purchase any and all 2025 Notes tendered, while the Jersey Issuer sets a maximum of €177 million for the 2024 Notes. The tender offers expire on February 23, 2022, with early tender incentives available until February 8, 2022.
Fabrinet (NYSE: FN) has appointed Darlene Knight to its Board of Directors and as a member of the Audit Committee. Knight brings extensive experience in multinational manufacturing, notably in the automotive sector with Adient and Johnson Controls. Her leadership is expected to enhance Fabrinet's strategic direction. Knight aims to contribute to the company’s advancements, leveraging her background from roles at General Motors and other leading firms in the manufacturing industry.
Adient (NYSE: ADNT) will host a call for financial analysts on February 4, 2022, at 8:30 a.m. (ET), to discuss its first quarter fiscal 2022 financial results. The call will feature President and CEO Douglas Del Grosso and CFO Jeff Stafeil. Participants can access the live webcast and presentation materials on the Adient Investor Relations website. A replay will also be available. Adient is a leader in automotive seating with approximately 75,000 employees in 33 countries, operating 208 manufacturing plants globally.
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