Adient has booked a Q2 (GAAP) net loss of US$149m and a loss of $1.59 per share for the second quarter of fiscal 2018/19.
Adjusted EPS was $0.31 and adjusted net income was off 83% to .
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Adjusted-EBIT and adjusted-EBITDA were $117m (down 53%) and $191m (-47%), respectively.
Revenue dipped 8% to $4,228m.
"Actions taken to improve Adient's operating and financial performance are taking hold, with greater improvement expected in the second half of FY19. In addition, the company's recent debt refinancing provides strong liquidity and capital structure flexibility to further enable our turnaround," said president and CEO Doug Del Grosso in a statement.
During the second quarter, Adient reorganised some of its management structure, which resulted in a realignment of its Americas, EMEA and Asia reportable segments.
Seating sales fell 18% to $1,920m due to "significant production cuts in China," the supplier said.
Full fiscal year FY19 key financial expectations include revenue of $16.5bn to $16.7bn (no change to previous guidance) and equity income of $290m to $300m.
