Adient reports Q1 financial results; reaffirms FY24 outlook

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]