Core Insights - Adient, a global leader in automotive seating, will participate in the Wolfe Research Global Auto and Auto Tech Conference on February 15, 2024 [1] - The company's Executive Vice President and CFO Mark Oswald, along with Executive Vice President Americas Jim Conklin, will engage in a fireside chat at 8:20 a.m. Eastern time [1] - A live webcast of the discussion will be accessible on the investor section of Adient's website [1] Company Overview - Adient operates with over 70,000 employees across 29 countries and manages more than 200 manufacturing and assembly plants globally [2] - The company specializes in producing automotive seating for all major Original Equipment Manufacturers (OEMs), offering complete seating systems as well as individual components [2] - Adient's integrated in-house capabilities allow it to handle the entire automotive seat-making process, from research and design to engineering and manufacturing, supplying millions of vehicles annually [2]

Financial Performance - Adient recorded net sales of $3,660 million for Q1 fiscal 2024, a decrease of $39 million or 1.1% compared to Q1 fiscal 2023, primarily due to lower production volumes in the Americas and Asia [126]. - Gross profit for Q1 fiscal 2024 was $246 million, or 6.7% of net sales, compared to $231 million, or 6.2% of net sales in Q1 fiscal 2023, reflecting improved profitability driven by favorable pricing [127]. - Net income attributable to Adient was $20 million for Q1 fiscal 2024, a 67% increase from $12 million in Q1 fiscal 2023, mainly due to favorable business performance and pricing adjustments [129]. - Comprehensive income attributable to Adient increased by 24% to $158 million in Q1 fiscal 2024, compared to $127 million in Q1 fiscal 2023, primarily due to higher net income and favorable foreign currency translation adjustments [143]. Segment Performance - Net sales for the Americas segment decreased by 4% to $1,647 million in Q1 fiscal 2024, impacted by UAW strike-related disruptions and unfavorable material economics [153]. - EMEA segment net sales increased by 7% to $1,268 million in Q1 fiscal 2024, supported by favorable foreign currency impacts and higher production volumes [155]. - Asia segment net sales decreased by 6% to $770 million in Q1 fiscal 2024, primarily due to lower production volumes and unfavorable foreign currency impacts [157]. - Adjusted EBITDA for the Americas segment increased by 16% to $80 million in Q1 fiscal 2024, despite a $25 million unfavorable impact from UAW strike-related disruptions [154]. - EMEA segment adjusted EBITDA surged by 61% to $45 million in Q1 fiscal 2024, driven by favorable pricing and foreign currency impacts [156]. - Asia segment adjusted EBITDA decreased by 17% to $114 million in Q1 fiscal 2024, affected by lower pricing adjustments and production volumes [158]. Operational Challenges - The automotive industry continues to face challenges from supply chain disruptions, inflationary pressures, and volatile commodity pricing, impacting Adient's operating environment [124]. - The company anticipates ongoing challenges in fiscal 2024 due to economic uncertainties and geopolitical factors affecting the automotive sector [121]. Expenses and Costs - Selling, general, and administrative (SG&A) expenses rose by $9 million or 7% in Q1 fiscal 2024, attributed to higher compensation and a one-time loss on business divestiture [134]. - Restructuring and impairment costs increased by $4 million, or 57%, in Q1 fiscal 2024, reflecting ongoing restructuring efforts [135]. - Net financing charges rose to $44 million in Q1 fiscal 2024, a 7% increase from $41 million in Q1 fiscal 2023, primarily due to higher interest rates on new debt [138]. - Other pension expense decreased by 78% to $2 million in Q1 fiscal 2024, down from $9 million in Q1 fiscal 2023, due to a non-recurring curtailment loss recorded in the prior year [139]. Workforce and Restructuring - Adient committed to a restructuring plan of $11 million, estimating annual operating cost reductions of approximately $20 million upon completion, primarily from workforce reductions [168]. - Approximately 13,000 employees are targeted for workforce reductions, with 11,000 separated as of December 31, 2023, and twenty-two out of twenty-six planned plant closures completed [169]. Cash Flow and Financing - Adient's cash provided by operating activities was $41 million for the three months ended December 31, 2023, compared to $44 million for the same period in 2022 [165]. - The company experienced a decrease in capital expenditures to $55 million in the first three months of fiscal 2024, attributed to the timing of program spending on product launches [166]. - Adient maintains an asset-based revolving credit facility (ABL Credit Facility) with a revolving line of credit up to $1,250 million, including $950 million for North America and $300 million for Europe, with $938 million available as of December 31, 2023 [160]. - The Term Loan B Agreement had an outstanding balance of $635 million as of December 31, 2023, with an interest rate of Term SOFR plus a margin of 2.75% after recent amendments [161]. - Adient issued $500 million in 7% senior secured notes due 2028 and $500 million in 8.250% senior unsecured notes due 2031, with total net proceeds of $988 million used primarily to redeem $350 million of the senior secured term loan [163]. - Working capital decreased by $52 million to $526 million as of December 31, 2023, due to decreases in cash, accounts receivable, and inventories [167]. - As of December 31, 2023, $85 million was funded under supply chain financing programs, down from $170 million as of September 30, 2023 [172]. Global Production Trends - Global light vehicle production increased by 9.8% year-over-year in the first three months of fiscal 2024, with notable growth in China at 20.8% [125]. - Adient operates in three reportable segments: Americas, EMEA, and Asia Pacific/China, leveraging its global footprint to drive growth [123].

Core Insights - Adient reported $3.66 billion in revenue for the quarter ended December 2023, a year-over-year decline of 1.1% [1] - The EPS for the same period was $0.31, down from $0.34 a year ago [1] - Revenue fell short of the Zacks Consensus Estimate of $3.72 billion, resulting in a surprise of -1.50% [1] - The company experienced an EPS surprise of -34.04%, with the consensus EPS estimate being $0.47 [1] Performance Metrics - Net Sales in Asia were $770 million, compared to an estimated $844.49 million, reflecting a year-over-year decline of -6.2% [2] - Net Sales from Eliminations were reported at -$25 million, better than the estimated -$32.69 million, with a year-over-year change of -10.7% [2] - Net Sales in America reached $1.65 billion, slightly above the estimated $1.64 billion, showing a year-over-year decline of -4.5% [2] - Net Sales in EMEA were $1.27 billion, exceeding the estimated $1.25 billion, with a year-over-year increase of +7.3% [2] Stock Performance - Adient shares returned +4.7% over the past month, compared to the Zacks S&P 500 composite's +5.6% change [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

Core Insights - Adient reported a Q1 2024 GAAP net income of $20 million and diluted EPS of $0.21, with an adjusted EPS of $0.31 [1] - The company achieved an adjusted EBITDA of $216 million, reflecting a year-over-year increase of $4 million, marking the seventh consecutive quarter of improvement [1] - As of December 31, 2023, Adient's gross debt and net debt were approximately $2.5 billion and $1.6 billion, respectively, with cash and cash equivalents totaling $990 million [1] - Adient executed $100 million in share repurchases, retiring around 3 million shares during the quarter [1] - The company is building on positive momentum from FY23, anticipating improved year-over-year earnings and margins in FY24 [1] Company Overview - Adient is a global leader in automotive seating, employing over 70,000 people across 29 countries and operating more than 200 manufacturing and assembly plants worldwide [3] - The company produces and delivers automotive seating for all major OEMs, covering the entire seat-making process from research and design to engineering and manufacturing [3]

Core Insights - Adient (ADNT) is expected to report quarterly earnings of $0.47 per share, reflecting a year-over-year increase of 38.2% [1] - Anticipated revenues for the quarter are projected at $3.72 billion, showing a slight increase of 0.5% compared to the previous year [1] - The consensus EPS estimate has been revised downward by 38.6% in the past 30 days, indicating a reassessment by analysts [1] Revenue Estimates - The consensus estimate for 'Net Sales- Asia' is $844.49 million, indicating a year-over-year change of +2.9% [2] - 'Net Sales- America' is forecasted to reach $1.64 billion, suggesting a decline of -4.8% year over year [2] - The average prediction for 'Net Sales- EMEA' stands at $1.25 billion, reflecting a year-over-year increase of +6.1% [2] Production Estimates - 'Light Vehicle Production - North America' is estimated to reach 3.71 million, up from 3.6 million in the same quarter last year [2] - 'Light Vehicle Production - China' is projected at 6.19 million, down from 7.2 million in the same quarter last year [3] - 'Light Vehicle Production - EMEA' is estimated at 4.60 million, compared to 4.2 million in the same quarter last year [3] EBITDA Estimates - 'Adjusted EBITDA- Americas' is expected to be $57.25 million, down from $69 million in the same quarter last year [3] - 'Adjusted EBITDA- Asia' is projected to reach $149.72 million, compared to $138 million in the same quarter last year [3] - 'Adjusted EBITDA- EMEA' is estimated at $40.99 million, up from $28 million in the same quarter last year [4] Stock Performance - Adient shares have changed by +0.9% in the past month, compared to a +5.3% move of the Zacks S&P 500 composite [4] - The company holds a Zacks Rank 3 (Hold), indicating expected performance in line with the overall market [4]

Wall Street expects a year-over-year increase in earnings on higher revenues when Adient (ADNT) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 7. On ...

Key PointsAdient is the world's largest automotive seat manufacturer, serving major automotive manufacturers like General Motors, Ford, Stellantis, Toyota, and Volkswagen.Adient lowered its fiscal Q1 2024 earnings forecast, but shares rallied as markets expected worse.Adient expects to improve sales and margins in fiscal 2024.5 stocks we like better than AdientAdient PLC NYSE: ADNT is one of the largest manufacturers of automotive seating and interior systems in the world. The company designs complete seat ...

     Adient to announce Q1FY24 financial results on Feb. 7, 2024 PLYMOUTH, Mich., Jan. 22, 2024 /PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive seating, today reported certain unaudited preliminary financial results for the quarter ended Dec. 31, 2023.  Revenue in Q1FY24 is expected to be approximately $3.7B, or about flat vs. Q1FY23.  Q1FY24 Adjusted EBITDA is expected to be approximately $215M, versus $212M in the prior-year quarter. Additional details related to Adient's first quarter ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-37757 Adient plc (exact name of Registrant as specified in its charter) Ireland 98-1328821 (State or other jurisdiction o ...