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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 released its Q3 2021 financial results, reporting a GAAP net loss of $71 million, or $(0.75) per share, with an adjusted EPS of $(0.53). The company's adjusted EBITDA stood at $118 million, reflecting a year-over-year increase of $240 million, with a margin of 3.6%. As of June 30, 2021, Adient reported cash and cash equivalents of $1.0 billion, while gross debt totaled $3.757 billion. The announcement highlighted macroeconomic headwinds impacting revenue and earnings expectations for FY21.
Adient (NYSE: ADNT), a global leader in automotive seating, announced a call for financial analysts on August 5, 2021, at 8:30 a.m. ET to discuss its third quarter fiscal 2021 financial results.
The call will feature President and CEO Douglas Del Grosso, alongside CFO Jeff Stafeil. A live webcast and presentation materials will be available on the Adient Investor Relations website. Dial-in participation is also available. The company operates over 202 manufacturing plants and serves all major automotive OEMs.
Adient (NYSE: ADNT), a leader in automotive seating, will present at the Deutsche Bank Global Auto Industry Conference on June 16, 2021. The company’s CEO Doug Del Grosso and CFO Jeff Stafeil will engage in a fireside chat at 10:15 a.m. ET, which will be available via live webcast. Adient operates 202 manufacturing plants globally, producing seating for over 19 million vehicles annually. This event underscores Adient's commitment to engaging with investors and enhancing its visibility within the automotive industry.
Adient (NYSE: ADNT) reported its Q2 2021 results, showcasing a net income of $69 million and an EPS of $0.72. The adjusted EPS reached $1.15, while adjusted EBITDA totaled $303 million, reflecting a $92 million increase year-over-year. The company maintained cash reserves of $984 million as of March 31, 2021, after paying down approximately $700 million in debt.
Despite strong performance, Adient anticipates macro pressures, including rising commodity prices, will impact its FY21 guidance for adjusted EBITDA, projected between $1.0 billion and $1.1 billion.
Adient (NYSE: ADNT) announced the appointment of Rick T. Dillon to its Board of Directors, effective May 3, 2021. Dillon, currently CFO of Enerpac Tool Group, brings extensive financial expertise from leadership roles in notable companies, including Century Aluminum and Joy Global. His addition is expected to enhance shareholder value due to his proven track record and leadership recognition, including the 2019 Milwaukee Business Journal's CFO of the Year Award. Adient aims to leverage Dillon's skills to strengthen its board and improve overall business performance.
Adient (NYSE: ADNT), a leader in automotive seating, announced it will host a financial analysts' call on May 6, 2021, at 8:30 a.m. ET to discuss its second quarter fiscal 2021 results. The call will be led by CEO Douglas Del Grosso and CFO Jeff Stafeil. Interested parties can access the live webcast and presentation materials on the Adient Investor Relations website. For those wishing to participate via telephone, a connection can be made through designated U.S. or international numbers. Adient operates 202 manufacturing plants globally and serves major OEMs.
Adient announced the early results of its tender offer to purchase up to $640.0 million of its $800.0 million outstanding 7.00% Senior First Lien Notes due 2026. As of the early tender deadline on March 26, 2021, approximately $648.4 million (81.05%) of the Notes were tendered. Due to oversubscription, the Notes will be accepted on a prorated basis, with settlement expected on or about March 30, 2021. The offer was managed by Citigroup Global Markets Inc., and all holders must make their own decisions regarding tendering.
Adient (NYSE: ADNT), a leader in automotive seating, will participate in the Bank of America 2021 Global Automotive Summit on March 30, 2021. CEO Doug Del Grosso and CFO Jeff Stafeil will engage in a fireside chat at 8:20 a.m. Eastern Time. Investors can access a live webcast of the presentation on the Adient investor website. The company operates 202 manufacturing plants worldwide and employs around 77,000 individuals, delivering seating for over 19 million vehicles annually.
Adient plc (NYSE: ADNT) announced a cash tender offer to purchase up to $640 million of its $800 million outstanding 7.00% Senior First Lien Notes due 2026. This Tender Offer is subject to various terms, including an early tender deadline on March 26, 2021. Holders who tender by this date can receive $1,070.00 per $1,000 in Notes, which includes an early tender payment. The offer will expire on April 9, 2021, unless extended. Citigroup Global Markets Inc. is the dealer manager for the offer.
Adient (NYSE: ADNT) has announced a strategic transformation in China, terminating its joint venture with Yanfeng Automotive Trim Systems Ltd. The agreement will allow Adient to operate independently in the Chinese market, projected to yield ~$1.5B in cash, with $800M expected at closing. Post-transaction, Adient anticipates an annual increase in global consolidated sales by $700M-$800M and in Adj.-EBITDA by $90M-$100M. However, equity income is expected to decline by ~$155M. This move aims to enhance Adient's competitive position in the automotive sector.
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