PLYMOUTH, Mich., August 5, 2022 /PRNewswire/ — Adient (NYSE: DNA), a global leader in automotive seating, today announced its third quarter 2022 financial results.
3Q GAAP net loss and diluted EPS (30) million dollars i (0.32) $, respectively; Q3 Adj.-Diluted EPS of $0.08
3Q Adjust.-EBITDA of 143 million dollarsup 25 million dollars me (up 18 million dollars when adjusted for portfolio actions executed during the fiscal year 21) Cash and cash equivalents strong of 892 million dollars at June 30, 2022; total liquidity of ~$1.7 billion at June 30, 2022
Gross debt and net debt have been totaled ~$2.7 billion i ~$1.8 billionrespectively, a June 30, 2022
For complete details and to view reconciliations of non-GAAP measures to their most directly comparable GAAP measures, visit the events section of Adient’s investor website at www.investors.adient.com/events-and-presentations/events to download the full press release and presentation of results.
Conference of investment analysts:
President and CEO of Adient, Douglas Del Grossoand Executive Vice President and Chief Financial Officer, Jeff Staffelwill host a conference call today at 8:30 a.m Eastern to discuss the results. To participate by telephone, please dial 888-455-2945 (US) or 773-799-3947 (International) 15 minutes prior to the start time of the call and request to be connected to the conference call d ‘Suitable. Conference password is ADIENT.
Adient (NYSE: DNA) is a world leader in car seats. With approximately 75,000 employees in 33 countries, Adient operates 208 manufacturing/assembly plants worldwide. We manufacture and distribute car seats for all major OEMs. From complete seat systems to individual components, our expertise spans every step of the automotive seat manufacturing process. Our integrated in-house skills allow us to take our products from research and design to engineering and manufacturing, and into more than 20 million vehicles each year. To learn more about Adient, visit www.adient.com.
Cautionary Statement Regarding Forward-Looking Statements:
Adient has made statements in this document that are forward-looking and therefore subject to risks and uncertainties. All statements in this document, other than statements of historical fact, are statements that are, or may be deemed to be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In this document, statements about Adient’s expectations for its deleveraging activities, the timing, benefits and results 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, prospects, goals, direction or objectives are forward-looking statements. Words such as “may,” “expect,” “attempt,” “estimate,” “anticipate,” “believe,” “should,” “anticipate,” “project” or “plan” or similar terms. the meaning is also intended to identify forward-looking statements. Adient cautions that these statements are subject to numerous risks, uncertainties, assumptions and other important 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 these forward-looking statements , such as, among others, risks related to: la Ukraine conflict and widespread COVID lockdowns a china and its impact on regional, global economies and additional pressure on supply chains and vehicle production, the effects of local and national economic, credit and capital conditions on the broader economy, and other risks and uncertainties, the continued financial and operational impacts of and uncertainties related to the COVID-19 pandemic on Adient and its customers, suppliers, joint venture partners and other parties, work stoppages, including due to supply chain disruptions and similar events, energy and raw material (especially steel) prices, raw material availability. materials and component products (including components required by our customers for the manufacture of vehicles (i.e. semiconductors)), whether the deleveraging activities can generate additional shareholder value or on the same or different terms as those described herein, Adient’s ability to execute its turnaround plan, automotive vehicle production levels, mix and timing, as well as our company’s concentration of exposure to certain automobile manufacturers, Adient’s ability to launch new business effectively at predictable and profitable levels, Adient’s ability to meet debt service requirements, the terms of future financing, the impact of tax reform legislation, uncertainties in the US administration. policy regarding trade agreements, tariffs and other international trade relations, general economic and trade conditions, the strength of the US or other economies, changes in market shares between vehicles, vehicle segments or departure from vehicles in which Adient has a meaningful content, changes in consumers. demand, global climate change and the related emphasis on ESG issues by various stakeholders, currency exchange rates and the termination or changes of trade agreements, and Adient’s ability to identify, hire and retain key leadership. A detailed discussion of the 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, 2021 filed with the US Securities and Exchange Commission (the “SEC”) on November 23, 2021Quarterly Report on Form 10-Q for the Quarterly Period Ended December 31, 2021filed with the SEC on February 4, 2022Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2022filed with the SEC on May 5, 2022 and in subsequent reports filed with or delivered to the SEC, available at www.sec.gov. Prospective investors and others should consider these factors when evaluating forward-looking statements and should not place undue reliance on such statements. Forward-looking statements included herein are made only as of the date hereof, unless otherwise specified, and, except as required by law, Adient assumes no obligation, and disclaims any obligation, to update these statements to reflect events or circumstances occurring after the date hereof.
In addition, this document includes certain projections provided by Adient regarding the expected future performance of Adient’s businesses. These projections reflect various assumptions made by Adient’s management about the future performance of Adient’s businesses, which may or may not prove to be correct. Actual results may differ from anticipated results and such variations may be material. Adient undertakes no obligation to update projections to reflect events or circumstances or changes in expectations after the date hereof or to reflect the occurrence of subsequent events. No representation or warranty is made as to the accuracy or reasonableness of these assumptions, or the projections based on them.
Use of Non-GAAP Financial Information:
This document also contains non-GAAP financial information that Adient’s management believes may assist investors in evaluating Adient’s ongoing operations. Adient believes that these non-GAAP disclosures provide important additional information to management and investors about financial and business trends related to Adient’s financial condition and results of operations. Investors should not consider these non-GAAP measures as alternatives to the related GAAP measures. A reconciliation of non-GAAP measures to their nearest GAAP equivalent is included in the appendix. Reconciliations of non-GAAP measures related to fiscal year 2022 guidance have not been provided due to the unreasonable efforts that would be required to provide such reconciliations.