Adient reports Q3 financial results; provides update to FY24 outlook

Financial Performance - Adient reported a Q3 2024 GAAP net loss of $11 million and a diluted EPS of$(0.12), while the adjusted EPS was $0.32 [1] - The adjusted EBITDA for Q3 was$202 million, impacted by lower customer production [1] - The company generated free cash flow of $88 million during the quarter [1] Debt and Cash Position - As of June 30, 2024, Adient's gross debt and net debt were approximately$2.5 billion and $1.6 billion, respectively, with cash and cash equivalents totaling$890 million [1] - The company executed $75 million in share repurchases, retiring about 2.6 million shares in the quarter, bringing year-to-date repurchases to$225 million and approximately 7.1 million shares [1] Outlook and Market Conditions - Adient updated its FY24 outlook, acknowledging the effects of lower vehicle production expectations [1] - The company operates over 200 manufacturing and assembly plants globally, producing automotive seating for all major OEMs [3]