10 November 2023
Tier-1 automotive seating business Adient has reported its results for the fourth quarter and full 2023 fiscal year, growing reported revenue in the full year results by 9% to US$15.4 billion, writes ILM.
EBIT in the full fiscal year totalled US$523 million, while net income came in at US$205 million. Adient did not provide growth figures, noting that there was no meaningful comparison.
The Americas brought in US$336 million in the full year results, up by 39% year-on-year. EMEA was up by 68% to US$232 million, while Asia grew by 21% to US$464 million.
In the fourth quarter of the 2023 fiscal year alone, reported revenue was up by 2% year-on-year to US$3.73 billion, while EBIT was up by 1% to US$140 million and net income totalled US$135 million with no meaningful comparison.
Fourth quarter revenue in the Americas declined by 14.5% year-on-year to US$100 million, EMEA was up by 41% to US$48 million and Asia grew by 13% to US$113 million.
Looking forward, Adient is forecasting consolidated sales of US$15.6-15.7 billion in the full 2024 fiscal year, which will then have a known industrial strike impact of around US$125 million through November 3, 2023.
President and CEO Doug Del Grosso said: “Adient’s continued focus on operational excellence, coupled with significant new business wins and strong financial performance, contributed to a successful FY23. Our improved financial performance builds on our solid foundation, positioning the company to drive additional value to stakeholders in FY24.”