PLYMOUTH, Mich. – Adient (NYSE: NYSE:ADNT), a prominent player in the automotive seating industry, disclosed its financial outcomes for the second quarter of 2024 today.
The company reported an adjusted EPS of $0.54, surpassing the analyst predictions of $0.38. The company's shares fell 7% in premarket trading.
In comparison to the same quarter last year, Adient's adjusted EBITDA increased by $12 million, reaching $227 million, with an adjusted EBITDA margin that improved by 60 basis points to 6.1%. Despite these gains, the company's revenue guidance for the full year 2024 is projected to be between $14.8 billion and $14.9 billion, which is below the analyst expectations of $15.475 billion.
The company's president and chief executive officer, Jerome Dorlack, commented on the results, acknowledging the challenges faced during the quarter, including the slow ramp of launches and a softer production environment for electric vehicles in the Americas and EMEA. Adient's focus remains on managing these headwinds as they continue to navigate the evolving automotive landscape.
Adient's financial position saw gross debt and net debt totaling approximately $2.5 billion and $1.6 billion, respectively, as of March 31, 2024, with cash and cash equivalents standing at $905 million. Additionally, the company executed $50 million in share repurchases during the quarter, retiring around 1.5 million shares, bringing the year-to-date total to $150 million and approximately 4.5 million shares.
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