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Benzinga
Benzinga
Business
Shivani Kumaresan

Adient Clocks 10% Revenue Decline In Q1

  • Adient PLC (NYSE:ADNTreported a first-quarter FY22 sales decline of 10% year-on-year, to $3.48 billion, beating the analyst consensus of $3.11 billion.
  • The revenue decrease was driven by significantly lower global production volumes related to semiconductor and supply chain disruptions.
  • The gross profit fell 49.3% Y/Y to $173 million.
  • Adjusted EPS loss of $(0.38) missed the analyst consensus of $(0.24).
  • Adjusted EBITDA of $146 million fell 61.4% Y/Y.
  • The company held $2.1 billion in cash and equivalents as of December 31, 2021. The net debt of Adient amounted to $1.6 billion as of December 31, 2021.
  • Adient expects macro factors including supply chain disruptions, elevated commodity prices, increased freight costs, labor availability & inflation to continue to influence near-term results.
  • Price Action: ADNT shares traded higher by 0.27% at $42.90 on the last check Friday.
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