9 February 2024

Automotive - Revenue falls for Adient in the first quarter of 2024

Tier-1 automotive seating business Adient has reported its financial results for the first quarter of the 2024 fiscal year, when revenue was down by 1% year-on-year on a reported basis to US$3.66 billion. Report by ILM.

Meanwhile, EBIT was down by 3% over the same period in 2023 to US$111 million. Net income for the period increased by 67% to US$20 million. Adjusted EBITDA was up by 2% to US$216 million.

In the Americas, Adient reported adjusted EBITDA of US$80 million, up 16% year-on-year. The company noted that this was driven by improved business performance and partially offset by increased net commodities, lower volume and mix and currency headwinds.

In EMEA, the result was up by 60.7% to US$45 million, thanks to improved business performance, currency movements between periods and improved net commodities.

Finally, Asia had a decline of 17.4% to US$114 million, caused by timing of commercial recoveries, end of production of certain programs and launch of new programs. However, this was offset by improved labour and overhead and favourable net commodity costs.

Looking forward, Adient expects consolidated sales of between US$15.4-15.5 billion in the 2024 financial year, with an adjusted EBITDA result of around US$985 million.

President and CEO Jerome Dorlack said: “The company successfully navigated UAW strike-related disruptions (in the U.S.) through an unwavering focus on day-to-day execution. We continue to meet the needs of our customers through consistent performance and commitment to operational excellence.”

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