Seating and interiors Tier 1 Adient booked a fiscal Q1 net loss and EPS of US$17m and $(0.18), respectively. Adjusted-EBIT and Adjusted-EBITDA were $105m (down 35%) and $176m (off 34%), respectively.
Revenue fell 1% to $4,158m.
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Lower volumes in China and North America, launch inefficiencies and currency factors were among the factors cited for the poor results versus the same period in 2018.
"After completing a comprehensive assessment during the first 100 days of my tenure, there are no structural reasons Adient's margins should not be comparable to its peers. We are taking actions to improve our financial performance and expect to see improvement in the second half of FY19 compared with first half FY19," new president and CEO Doug Del Grosso said.
The company sees Adjusted EBITDA improving in the second half though down on H2 FY18.
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