PLYMOUTH, Mich., Nov. 8, 2024
/PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive
seating, today announced its fourth quarter 2024 financial
results.
- Q4 GAAP net income and EPS diluted of $79M and $0.91,
respectively; Q4 Adj.-EPS diluted of $0.68
- Q4 Adj.-EBITDA of $235M, flat
y-o-y; adj.-EBITDA margin of 6.6% up 30bps y-o-y
- Gross debt and net debt totaled ~$2.4B and ~$1.5B,
respectively, at September 30, 2024;
cash and cash equivalents of $945M at
September 30, 2024
- For the full FY2024, Adient generated $277M of FCF and returned $275M to shareholders via share repurchases; the
company also paid down ~$130M in
debt
- Looking ahead to FY2025, Adient expects approximately flat
adj.-EBITDA with business performance to offset lower volumes,
driving flat to improved total margins
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
https://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 888-566-1827 (U.S.) or 773-799-3976 (international) 15 minutes
prior to the start time of the call and ask to be connected to the
Adient conference call. The conference passcode is ADIENT.
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, vehicle affordability 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 Ukraine and Middle
East conflicts and the impact on the regional and global
economies and additional pressure on supply chain and vehicle
production, the ability of Adient to execute its restructuring
plans and achieve the desired benefit, automotive vehicle
production levels, mix and schedules, as well as our concentration
of exposure to certain automotive manufacturers, the ability of
Adient to effectively launch new business at forecast and
profitable levels, the ability of Adient to meet debt service
requirements and, terms of future financing, the impact of global
tax reform legislation, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, shifts in market shares among vehicles, vehicle segments
or away from vehicles on which Adient has significant content,
changes in consumer demand, global climate change and related
emphasis on ESG matters by various stakeholders, and the ability of
Adient to achieve its ESG-related goals, cancellation of or changes
to commercial arrangements, and the ability of Adient to identify,
recruit and retain key leadership. A detailed discussion of risks
related to Adient's business is included in the section entitled
"Risk Factors" in Adient's Annual Report on Form 10-K for the
fiscal year ended September 30, 2023
filed with the U.S. Securities and Exchange Commission (the "SEC")
on November 17, 2023, and in
subsequent reports filed with or furnished to the SEC, available at
www.sec.gov. Potential investors and others should consider these
factors in evaluating the forward-looking statements and should not
place undue reliance on such statements. The forward-looking
statements included in this document are made only as of the date
of this document, unless otherwise specified, and, except as
required by law, Adient assumes no obligation, and disclaims any
obligation, to update such statements to reflect events or
circumstances occurring after the date of this document.
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 FY2025 guidance
have not been provided due to the unreasonable efforts it would
take to provide such reconciliations.
This document also contains the key performance indicator of
business performance, which is defined as the difference in
period-over-period Adjusted EBITDA excluding production volume/mix,
equity income, foreign exchange and net commodity pricing.
Management believes this key performance indicator encompasses the
significant drivers of the performance of the business that are
within management's ability to influence and may assist investors
in evaluating Adient's on-going operations and provide important
supplemental information regarding financial and business trends
relating to Adient's financial condition and results of operations.
Investors should not consider this key performance indicator as an
alternative to our GAAP financial results.
ADNT-FN
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SOURCE Adient