PLYMOUTH, Mich., Nov. 7, 2019 /PRNewswire/ -- Adient (NYSE: ADNT),
a global leader in automotive seating, today announced fourth
quarter and full-year 2019 financial results.
- Impacted by one-time, non-cash charges, Q4 GAAP net loss and
EPS diluted of $(4) million and
$(0.04), respectively; Q4 Adj.-EPS
diluted of $0.63
- Q4 Adj.-EBIT and Adj.-EBITDA of $138
million and $215 million,
respectively
- Full-year Adj.-EBITDA of $787
million (turnaround actions in Americas and EMEA drove
improved second-half results versus first-half, despite weaker than
expected market conditions in China)
- Cash and cash equivalents of $924
million at Sept. 30, 2019
- Gross debt and net debt totaled $3,738
million and $2,814 million,
respectively, at Sept. 30, 2019
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, Douglas Del Grosso and executive vice president
and chief financial officer, Jeff
Stafeil, will host a conference call today at 8:30 a.m. Eastern to discuss the results. To
participate by telephone, please dial 800-779-1454 (U.S.) or
312-470-7220 (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 83,000 employees in 35 countries,
Adient operates 220 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
more than 23 million 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 future financial position, sales,
costs, earnings, cash flows, other measures of results of
operations, capital expenditures or debt levels and plans,
objectives, 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 ability of Adient to effectively launch new business at
forecasted and profitable levels, the ability of Adient to execute
its turnaround plan, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, the impact of tax reform legislation through the Tax
Cuts and Jobs Act, the ability of Adient to meet debt service
requirements, terms of financing, general economic and business
conditions, the strength of the U.S. or other economies, automotive
vehicle production levels, mix and schedules, energy and commodity
prices, the availability of raw materials and component products,
currency exchange rates, the 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, 2018
filed with the SEC on November 29,
2018 and quarterly reports on Form 10-Q filed with 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.
ADNT-FN
View original content to download
multimedia:http://www.prnewswire.com/news-releases/adient-reports-fourth-quarter-and-full-year-2019-financial-results-earnings-and-cash-flow-growth-expected-in-fiscal-2020-300953801.html
SOURCE Adient