10 May 2024

Automotive - Reported revenue and income fall for Adient in second quarter

Tier-1 automotive seating business Adient has reported its financial results for the second quarter of 2024, when revenue declined by 4% year-on-year to US$3.75 billion. Report by ILM.

EBIT had no meaningful comparison but came in at US$8 million, while adjusted EBIT was reported as up 10% to US$147 million and adjusted EBITDA increased 6% to US$227 million.

The company reported a net income loss of US$70 million, while adjusted net income was up by 58% to US$49 million.

In the Americas, Adient reported growth of 11.1% to US$80 million, while EMEA increased by 7.5% to US$57 million and Asia was down marginally to US$112 million.

Looking forward, the company expects consolidated sales in the range of US$14.8-14.9 billion, falling from its previous estimates, with an adjusted EBITDA between US$900-920 million.

Adient President and CEO Jerome Dorlack said: “The company’s laser focuses on execution through a period of significant launch activity drove improved year-over-year earnings. We will continue to diligently take actions within our control to drive performance.”

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