Company expects increased earnings, margin and free cash flow
in FY23; Adient's Board of Directors approves a $600M share repurchase program
PLYMOUTH, Mich., Nov. 4, 2022
/PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive
seating, today announced fourth quarter 2022 financial
results.
- Q4 GAAP net income and EPS diluted of $45M and $0.47,
respectively; Q4 Adj.-EPS diluted of $0.53
- Q4 Adj.-EBITDA of $227M, up
$109M y-o-y, or $157M y-o-y when adjusting for portfolio actions
executed in FY21
- Cash and cash equivalents of $947M at Sept. 30,
2022
- Adient enters FY23 from a position of strength, which is
expected to support earnings, margin and FCF growth in FY23 vs.
FY22
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 888-455-2945 (U.S.) or
773-799-3947 (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 approximately 72,000 employees in 31 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
more than 20 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 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
Ukraine conflict and COVID
lockdowns in China and their
impact on regional, global economies and additional pressure on
supply chains and vehicle production, the effects of local and
national economic, credit and capital market conditions on the
economy in general, and other risks and uncertainties, the
continued financial and operational impacts of and uncertainties
relating 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 commodity prices, the company'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 (i.e., semiconductors)), whether deleveraging
activities may yield additional value for shareholders at all or on
the same or different terms as those described herein, the ability
of Adient to execute its turnaround plan, 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, the terms of future financing, the impact of tax
reform legislation, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, general economic and business conditions, the strength
of the U.S. or other economies, 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,
currency exchange rates and 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, 2021
filed with the U.S. Securities and Exchange Commission (the "SEC")
on November 23, 2021, Quarterly
Report on Form 10-Q for the Quarterly Period ended December 31, 2021, filed with the SEC on
February 4, 2022, Quarterly Report on
Form 10-Q for the Quarterly Period ended March 31, 2022, filed with the SEC on
May 5, 2022, Quarterly Report on From
10-Q for the Quarterly Period ended June 30,
2022, filed with the SEC on August 5,
2022 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. A reconciliation of
non-GAAP measures to their closest GAAP equivalent are included in
the appendix. Reconciliations of non- GAAP measures related to
FY2023 guidance have not been provided due to the unreasonable
efforts it would take to provide such reconciliations.
ADNT-FN
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SOURCE Adient